12-Hour Analysis:
Big Picture: As formerly stated, that if buyers did not step up, Ethereum was likely to continue its downward trend. Moving forward, a major threshold level of historical significance has been breached. The key S/R level of 1490-1470 is significant for the trend. As p rice trading above this S/R level supports the bullish outlook, while price trading below this S/R level prefers the bearish outlook.
On the Upside the 1405 and 1420 levels are anticipated to create initial resistance for Ethereum. For the time being, any upward push from buyers is likely to be brief and will be quickly challenged by the bears. However the session’s potential is expected to be limited to 1470 to 1490 levels. Moreover, if buyers can establish a consolidation phase and look to absorb any remaining selling pressure before any reversal, that move is likely to be more powerful and beneficial, even if just in the short term.
On the Downside breaking the 12-hourly EMA-200 and 250 triggers a massive sell-off, breaking all major supports below. Price has also broken the important support level of 1490 to 1470. This was a critical support to maintain. Breaking this has significantly increased selling pressure and is presently causing problems for the intraday support zone of 1400. This support is on the verge of collapsing. If selling are successful in breaking through this level, they will most likely aim for 1350-1330 next.
