ETH-“Short-Coverings Possible”

12-Hour Analysis:

Big Picture: Another low-intensity price activity session. Nothing significant has occurred as price continues to consolidate between the narrow ranges of 1760 to 1720 levels. Bulls are still the weaker side and are under pressure, failing to set off any corrective move. If they do not move up, this consolidation may easily turn into a bearish flag, breaching which would lead to further decline.

On the Upside initial resistance appeared at the 1760 level. Above that level, the next resistance levels are between 1780 and 1800. These resistances continue to be important obstacles for bulls, preventing price from gaining any corrective upside. Unless the price exceeds these, the upside is unlikely to extend towards higher levels.

On the Downside at 1740, a minor support level has emerged. However, the session’s main backing support remains at 1722. With each test, this threshold has pushed the price higher. This zone still has demand, but it may run out if buyers are unable to regain momentum and push prices over the 1780 mark. If the 1722 level is lost, Ethereum will be exposed to lower supports around 1700, followed by 1680.