ETH-“Short-Term Range Highs; Hurdle”

12-Hour Analysis:

Big Picture: Throughout the weekend, Ethereum has been confined by the short-term range highs. Despite a few exceptions, this zone has held strongly and has nullified any signs of strength above it. A significant milestone that Ethereum must cross before reaching the psychological level of 2000. The current consolidation has created considerable room in the oscillating indicators to push for another uptick. The faster the bulls head for a breakthrough, the better.

On the Upside for the previous several trading sessions, Ethereum has been unable to break beyond the 1920 level. All possible upside surge efforts have been halted at this level. Buyers must demonstrate strength and hold above this resistance level in order to push for higher resistances. Ethereum will see congestion between 1920 and 1940 levels during the session. Acceptance over this level will initially push Ethereum higher into the 1980 to 2000 mark, with opportunity for additional upside towards the 2050 level.

On the Downside from 1880 to 1860, Ethereum receiving solid backing. Over the weekend, these supports held up quite nicely. Furthermore, remaining in this zone would negate any chance of a corrective drop or even partial profit-taking. If Ethereum maintains these levels, the prospects of a bullish breakout over 1920 remain high. Losing this supporting level, on the other hand, would drive Ethereum back down towards 1840 to 1820, where another supportive area remains.