12-Hour Analysis:
Big Picture: Ethereum had a flat session with extremely low volumes. This demonstrates that neither participant is seeking to initiate the hyper move. If buyers can hold onto the support region for the next couple of hours, a new round of short-coverings could be witnessed, pushing prices upward once again. However, if the range low supports are shattered, Ethereum is likely to fall into lower supports.
On the Upside the session’s resistance levels remain unchanged. The first wave of resistance occurs in 1850, followed by 1865. These levels have put the price under pressure in recent hours, and exceeding them would boost volume levels and allow Ethereum to seek higher liquidity in the 1880 to 1900 range. The major intra-day resistance for the day stays solid near the 1920 level. Surpassing this is critical in order to counteract the increasing selling pressure.
On the Downside the support levels at 1830 and 1820 have remained stable for another session. Over the previous few sessions, Ethereum has received consistent support from these levels. Unless and until these supports fail, the sellers are unlikely to gain more. To maintain control, sellers must shatter the 1820 support level and generate further selling pressure, exposing Ethereum to 1780 and potentially 1750.
