12-Hour Analysis:
Big Picture: Despite starting yesterday’s session weaker, sellers were unable to break through the 1550 level. Such a scenario had been previous mentioned, if Ethereum was to maintain its range low level around 1550, it held the potential to lead another powerful short-covering round, possibly even stronger than the previous rounds. However, most of Ethereum’s upsides have stayed as an opportunity to sell into; however, for that to change, Ethereum must break the prevailing range highs.
On the Upside the dynamic resistance of EMA-100 at 1630 is the immediate resistance, followed by the mid-range level at 1640. If Ethereum gains momentum above both of these levels, it may be able to move higher towards 1660 and 1680. At 1680, two significant resistances converge in the shape of trendlines and dynamic levels.
On the Downside Ethereum has minor support at 1610. While below this support level, price sees next support at 4-hourly demand zone between 1590 and 1580 levels below this support level. If the price re-tests this support zone, it may draw fresh buyers. However, it is equally vital for Ethereum to maintain its 4-hourly demand zone, as breaking this range would result in large rounds of profit-taking, eventually driving price down into the lower support ranges.
