12-Hour Analysis:
Big Picture: Ethereum is beginning to test major support levels. The next few trading sessions will be vital for buyers to hold price against additional sell-offs. If Ethereum begins to lose these support levels, it is likely to enter a bearish phase in the short to medium term. To counteract this developing challenge, strength above 1820 remains critical.
On the Upside several additional intra-day resistances have been added. The initial intraday resistance level is 1780, followed by 1800. Above this, the second stage of resistance is shown from 1820 to 1850 levels. However, intra-day strength over 1820 would be helpful ease this selling pressure and push for a surge higher back into the 1880 to 1900 range. While bullish continuation is expected once strength begins to hold over 1920.
On the Downside Ethereum has begun to trade below the 3-Day EMA-200. A candle closing below this level would be a significant setback for the bulls. However, for the time being, the 1750 remains the session’s initial support. Below this, the next support level is at 1725, while losing this support would expose Ethereum to the 1680 support level. Expect significant short-coverings if the price tests this region in the coming hours or sessions.
