12-Hour Analysis:
Big Picture: Ethereum’s compression is beginning to expand, although it is presently positioned for a drop. It was stated that unless buyers stepped in aggressively, Ethereum would favor another fall. If the present selling pressure continues, Ethereum is likely to fall further and test the supports below in the next hours and sessions.
On the Upside primary resistance is emerging at the 1565 level. This level has served as a strong support in recent trading sessions, preventing the price from dropping any lower. Unfortunately, the excessive selling is causing breaches in this supportive zone. The next intraday resistances above this are at 1570 and 1580. Both of these are minor intraday resistance levels that price can easily break in the case of momentum increase. The major resistance range for the session continues between 1595 and 1610. Buyers are anticipated to identify significant challenges here, and upside will be limited unless a clear breakthrough is witnessed.
On the Downside the 1565 support level is beginning to crumble, and the price has moved on to challenge the 1540 support level. The reaction has been positive from the 1540 support level, however unless buyers secure sustainable acceptance above 1610, the 1540 support level remains fragile. Ethereum has next supports between 1510 and 1500 if it falls below 1540. This is where strong EMA supports of EMA-200 and EMA-250 are found, providing price relief and possibly triggering aggressive short-covering.
