12-Hour Analysis:
Big Picture: Other than a single outlier, this is the first time that Ethereum’s relative strength index is starting to show extreme aggression. Price is taking a similar posture as bulls burst through all important intra-day levels in a show of strength. This ongoing bullish sentiment could transform into a hyper-bullish posture if price achieves a sustained breakthrough above the trendline resistances.
On the Upside the intraday barrier for Ethereum is at 1830, followed by 1880. The pair’s aggressive momentum has been triggered by Ethereum’s surge over the previous range top. Meanwhile, Ethereum’s next key obstacles are the trendline levels, which will shortly coincide with the 1880 level. As a result, a breakout over 1880 might lead to another bullish breakout for Ethereum, with targets aiming for 1920 to 1930 levels, followed by the psychological milestone of 2000.
On the Downside several intra-day supports remained position. The initial support is at 1800, with lower supports spanning from 1760 to 1730 levels. This lower range has numerous horizontal supports and holds the breakout-based support, making it a powerful protection level for Ethereum. Bulls are expected to be in a good position as long as the price remains above the 1730 mark.
