12-Hour Analysis:
Big Picture: During this consolidation period, the price of Ethereum has been considerably sluggish. Once a breakthrough is achieved, it is likely to improve. Beyond 1920, there is still significant liquidity, which might serve as a price objective in the following days. Furthermore, a sustained break above 1920 remains critical; any failures might spark panic profit-taking, re-exposing lower supports.
On the Upside Ethereum is now trading above the 1880 level, having reclaimed it. It now meets intraday resistance ranging between 1895 to 1905 levels. Surpassing these would pave the way for a re-test of the 1920-1940 levels. This is a significant congestion zone for Ethereum, and it may also be a liquidity trap zone for buyers. A breach of this range would require at least two consecutive strong lower-time frame candle closings.
On the Downside The dynamic EMAs of 25 and 50 are prompting prices to rise again. Furthermore, there have been many supports for Ethereum’s safety between 1840 and 1820 levels, shielding it from any further declines. While the resistances above keep Ethereum from soaring higher, the lower supports keep the price from falling any lower. As long as 1820 holds, Ethereum’s downside risk is modest.
