12-Hour Analysis:
Big Picture: For the time being, Ethereum has failed to gain any significant ground over the 1820 level. Several attempts were made yesterday, but each time the price tried to sustain above 1820, it failed. This level is still critical for Ethereum to return to its former range levels. Multiple failures around 1820 could also lead to renewed selling pressure. The struggle between bulls and bears is set to continue in the coming sessions.
On the Upside Ethereum is still trading near the 1820 mark. This is an essential level to reclaim for price to move higher. Regaining this level would extend the corrective phase and allow for a re-target of the 1840 level, breaking which would open the 1860 level and potentially 1880 to 1920 levels. This is where heavy selling pressure is likely to be noticed once more and strong profit-taking remains recommended.
On the Downside Ethereum is experiencing useful intraday supports between 1800 and 1780 levels. These levels have prevented the coin from retesting its recent lows. The longer these supports hold, the more likely it is that price will rise over the 1820 level. While losing these supports would expose price to intra-day pressure, exposing it to the 12-hourly EMA supports at 1765 and 1730.
