12-Hour Analysis:
Big Picture: Ethereum’s narrow consolidation persists and shows no signs of any shift. While there is significant resistance above, there is a similar supporting zone below. This is keeping the price in this narrow band of almost $100. Overall, a breakthrough above the 1920 resistance is still expected, while failing to do so would cause the price to revert towards lower supports before any explosive rise.
On the Upside the blockage between the levels of 1920 and 1940 keeps hindering Ethereum’s breakout. Once price crosses this zone, a major breakout could be observed. However, bulls have yet to succeed in this effort. The potential exists, but momentum is necessary to achieve the breakthrough. Upon successfully breaking above the 1940 barrier, Ethereum will likely head towards 1980 to 2000 levels, where profit-taking is expected, but if the momentum continues, a move towards 2050 and 2130 is also possible.
On the Downside over the previous few sessions, Ethereum has remained above the 1840 to 1820 support levels, with no 12-hour candle closing below 1860. These are Ethereum’s current support levels. However, in a high-pressure environment, the downside can be extended much farther. The 38.2% and 50% Fibonacci retracements for Ethereum are at 1820 and 1780, respectively, which are also major horizontal supports. Watch out for these supports levels, as a decent reaction is expected from them.
