12-Hour Analysis:
Big Picture: Ethereum is looking for a significant break above the short-term range highs. However, buyers have had little luck in pulling the breakthrough until now. After a couple failed efforts at the range highs, Ethereum had a weaker session yesterday, falling lower to re-test some critical support. Price is presently rebounding again, but for Ethereum to gain aggressive momentum, a breach over 1920 is still required.
On the Upside there will be immediate resistance from the 1880 level. Surpassing this level would revert price back towards the 1920s through 1940s. For over three months, this range has been a critical congestion mark for Ethereum, restricting its upside potential. A significant breakthrough over 1920 is required for Ethereum to re-target the 1980 to 2000 levels, with room for a move higher towards 2050, followed by the 2130 level.
On the Downside from the 1840s until the 1820s, Ethereum was well-protected. This is an important and extremely strong support level for Ethereum. There are several supports accumulating at this level to provide assistance for the price. Furthermore, the dynamic EMA-50 was tested at this level prior to the price reversal. This area will continue to be a primary support level for sessions.
