12-Hour Analysis:
Big Picture: Ethereum has attempted several tests on the rising channel resistance, all of which have resulted in rejection. Similarly, price has tested that zone twice in rapid succession and is having difficulty overcoming it. Currently, a new range is expected to be developed between 1820 and 1650 levels. Surpassing 1820 will keep the bullish outlook intact, while any buildup of pressure below breakout levels will result in a significant wave of profit-taking and pullback.
On the Upside Ethereum’s progress has been limited by the 1780 and 1820 level. This area has previously been highlighted as a major level for profit-taking. Both of these levels are acting as heavy resistance, and for Ethereum to move higher, both of these levels must be breached. Price acceptance above 1820 opens the above range of 1820 to 2030 levels.
On the Downside previously, price failed to convert 1780 into a support level, dragging Ethereum into lower supports. Ethereum is currently supported in the 1730-1720 zone. This zone is expected to continue providing decent support for the session, but losing it will push the price considerably down and into the major supportive region of 1680 to 1650. The breakout-based supports, as well as the EMA-32 and EMA-50 dynamic levels, are all located in the lower supportive zone. Both of these levels must be maintained in order for the trend to continue strongly to the upside.
