12-Hour Analysis:
Big Picture: Against all odds, Ethereum has held its downside effectively well. Yet, this does not reduce any signs of pressure. Sellers will have the upper hand as long as Ethereum is denied at the 1680 level. Additionally, as the trailing EMA’s speed up to the downside, they may add to the already rising pressure. Caution is still advised, as Ethereum remains weak and below important levels.
On the Upside the recently lost support level of 1540 will provide early resistance to Ethereum. Above this level, the next resistances are at 1565, 1570, and 1580. Upon testing, all of these levels will create pressure for price. However, for the session, the major resistance remains at 1595 to 1605. Strength over this threshold is necessary to resist the increasing selling pressure.
On the Downside with each passing session, Ethereum loses important intra-day supports. It has not yet caused any panic selling, which is a sign of relief. Moreover, continuous rejections around 1540, on the other hand, is expected to push the price lower towards the EMA-200 and EMA-250 support levels around 1510 and 1505, respectively. Price is anticipated to honor these supports levels on initial tests, providing some upside relief.
