12-Hour Analysis:
Big Picture: Following the massive sell-off, Ethereum has been trading sideways over the following several trading sessions. This sideways consolidation might very well form a corrective phase, revisiting recently lost support levels before resuming its downward trend. Ethereum remains under sellers’ control and must rise over 1830 to counteract this pressure and beyond 1920 to generate some positive momentum. Unless that happens, any increase in price will be used to sell.
On the Upside the intraday resistance led to a quick rejection from yesterday’s push into 1780. This area between 1780 and 1800 remains the session’s principal resistance level. Overcoming these will need considerable effort from the buyers, as there are several hurdles in this zone of resistance. Above 1800, Ethereum has potential to rise towards 1820 to 1830, where another significant barrier exists.
On the Downside The intraday support has once again maintained the price for another day and continues to creating long lower shadow candles. This demonstrates that demand remains at lower levels and that continued failures to break this support may exhausted sellers, clearing the way for healthy round of short-coverings. Below the 1722 support level, the next level of support is at 1680.
