12-Hour Analysis:
Big Picture: Ethereum has broken over the range high levels, but momentum is struggling to achieve that aggressive condition. The Relative Strength Index (RSI) indicator indicates that momentum is struggling to break through the very aggressive zone. The price acquiring significant momentum would reinforce Ethereum’s ongoing trend.
On the Upside Ethereum nearly tested the first big objective of 1980 after breaking through the congestion zone. However, it stopped just short of there and entered an intra-day profit-taking mode. The initial resistance level for the session stays at 1980, followed by the 2000 mark. Both of these are significant target levels for Ethereum. However, for Ethereum to swiftly hit 2050 and 2130 levels, momentum has to pick up.
On the Downside in the coming hours, the recently attained levels of 1940 and 1920 might be re-tested. Taking support from these levels would assist in the development of momentum. Furthermore, holding these levels would confirm a flip of the key barrier and might initiate an upsurge towards the previous highs. If price fails to take support from these levels and re-enters the range, a significant wave of profit-taking is expected which would push price towards the EMA 25 and 50 at 1890 and 1860, respectively.
