12-Hour Analysis:
Big Picture: After nearly two months, Ethereum is seeking to reestablish a foothold above the range high of 1920. Bulls will need a strong conviction to achieve the strength. If this is accomplished, Ethereum’s outlook will improve even further, and the coin will gain fresh momentum. Failure, on the other hand, would be a negative indication for the Ethereum and may drive some aggressive profit-taking.
On the Upside Ethereum is now breaking through the congestion zone from 1920 to 1940. Surpassing this zone with strength would push Ethereum’s upside towards 1980, followed by the psychological threshold of 2000. Profit-taking can be expected at this level owing to the importance of psychological levels; nevertheless, if strength persists above this level, a hyper-move into 2050, followed by 2130, remains possible.
On the Downside the short-term high is anticipated to take the form of support at the moment. If this level becomes a support, Ethereum’s upside potential will improve drastically. However, failure to convert this level into support reopens the downside towards the trailing EMAs of 25 and 50 at 1880 and 1850, respectively.
