ETH-“Strong Momentum Required”

12-Hour Analysis:

Big Picture: Ethereum has been having trouble maintaining its aggression due to lack of ongoing momentum. Immediate profit-taking begins driving prices back towards the support levels as price approaches the resistance levels. This suggests the overall trend is still positioned towards the upside, but an aggressive bullish stance is still not evident.

On the Upside minor resistance is still operational at the 1940 level. Above 1940, the price has a clear path towards 1980 and the psychological 2000 level. Having said that, bull’s reaction has been less than predicted after earlier breaking through the congestion zone. Ethereum requires a strong bullish momentum to achieve all of its immediate objectives.

On the Downside Ethereum is back to the congestion zone between 1940 and 1920 levels. Price has so far held the newly established support levels. If buyers move in aggressively at current levels and protect any additional lower re-tests, Ethereum could make a good advance higher. However, if these supports fail to hold, price is expected to test the EMAs of 25 and 50 at 1895 and 1865, respectively.