12-Hour Analysis:
Big Picture: Ethereum’s trend for the moment remains slow, however, it’s still nicely managing the formation of higher highs and higher lows, indicating that the trend is still positive and is in the control of the bulls. As long as this structure continues, Ethereum’s ascent will most certainly continue, even if at a slower pace.
On the Upside currently, Ethereum is striving to recapture the 1940 level. Finding acceptance over this level will most likely make way for a move towards the 1980 to 2000 milestone. This is a psychological milestone, and given Ethereum’s slowing movement, profit-taking could be seen when these resistance levels are tested. However, if the price breaks through these level, the momentum will likely strengthen significantly, allowing Ethereum to shoot higher towards 3050 and likely towards 3130.
On the Downside yesterday, the price challenged the EMA-25 level and recovered sharply from it. The 1920 support level is likely to be re-established, with additional support from the EMA-25 and EMA-50 at 1900 and 1870 levels. These supports are expected to make it tough for sellers to breach them during the session.
