ETH-“Strong Supports Below”

12-Hour Analysis:

Big Picture: Other than a single outlier Ethereum remains confined between the ranges. Price has reverted to the preceding range after failing to achieve a sustainable breakthrough and is presently testing the range lows. As price deviated beyond the range highs a similar deviation below the range could also be observed. Overall as long as the range persist, Ethereum is expected to remain volatile and choppy.

On the Upside several new intra-day resistances have surfaced. The session’s primary resistance is observed at 1850, followed by 1865. Following this, the second layer of resistance is seen from 1880 to 1900 levels, followed by the 1920 levels. Strength over 1920 is still required for Ethereum to counteract this growing selling pressure.

On the Downside price has returned to testing the low support levels of 1830 to 1820. This region once again provides price support. As long as these supports hold, Ethereum is unlikely to see lower supports getting challenged. However, if sellers are able to overrun these supports, a drop into the 1780s and 1750s is possible. Ethereum once again has very strong supports lower, which may encourage aggressive short-covering.