12-Hour Analysis:
Big Picture: Ethereum’s hesitation persists as the price trades in a very narrow range. Buyers are becoming more vulnerable to the downside with each passing session due to their failure of breaking through the 1680 level. The trend-defining EMAs and other indicators are now starting to favor sellers. Moreover, any price spike higher will be inviting fresh sellers, unless a successful breakthrough above 1680 is seen.
On the Upside yesterday’s intra-day bounces were capped between 1570 and 1580, preventing the price from rising any further. These levels will continue to provide intra-day resistance for the session, but in the event of momentum buildup, these resistances are expected to fade and clear Ethereum’s advance into the 1595 to 1610 range. These are Ethereum’s major intraday challenging resistances. Price is predicted to struggle in this region. Nevertheless, this level holds considerable pressure to prevent any further advances, thus being an essential level to break for Ethereum to have any space for further upward gains into 1625 to 1640 levels.
On the Downside Ethereum still holding to the 1565 support level. The last few sessions have all been held at this level, and if price remains at this level for a bit longer, Ethereum could experience an intra-day price surge, even if only partially. Nevertheless, below this level, the next supports for Ethereum are at 1540, followed by 1510 and 1500. There are EMA supports of 200 and 250 between 1510 and 1500.
