12-Hour Analysis:
Big Picture: Ethereum is firmly in the hands of sellers, who have even blocked out any short-term short-coverings till now. Ethereum, on the other hand, is surviving by clinging to its prior breakthrough level supports. The longer this zone is held, the greater the possibility of a massive round of short-coverings. However, any higher levels on Ethereum will be used as a selling opportunity unless the price closes the week above the 2050 level and that too with strength.
On the Upside the inability of Ethereum to surpass 1920 resulted in yet another intraday sell-off. Price lost a few supports along the way, which are now likely to operate as resistances. The session’s first resistance will be seen at the 1840 level. Following that, the next level of resistance will be between 1880 and 1900. Above these resistances next comes the 1920 level which is an essential to break for price to continue higher.
On the Downside the breakout-based supports between the levels of 1820 and 1780 are currently being tested. For a few weeks now, this supporting zone has been preventing Ethereum from revealing its lower levels. However, this zone is now being tested far too frequently, which may weaken and even break it. Loss of this supportive region will be a major setback for bulls, re-opening the lower range between 1780 to 1480 levels.
