12-Hour Analysis:
Big Picture: The resistance zone present above continues to cap Ethereum’s potential. Unless it breaks the short-term resistance level, Ethereum will continue to range between 1920 and 1820 levels. Since early April, this resistance zone has been a significant barrier for Ethereum. It has been repeatedly said that if another spike is to be witnessed in Ethereum, a break above range highs remains essential.
On the Upside from 1920 through 1940 levels, there is consistent opposition. This price congestion has been going on for a week now and no candle has been able to close over it yet. This region remains essential for Ethereum to break over in order to continue its ascent towards 1980 to 2000 levels, followed by further higher levels.
On the Downside congestion in the 1920 zone has resulted in an intra-day corrective phase for Ethereum, driving it lower towards support levels. As Ethereum broke through the intraday supporting zone of 1880 to 1860, the price dropped towards 1840 to 1820 levels. Furthermore, the 12-hourly EMA-200 was tested at 1845, which aided in reversing price back towards the higher levels.
