12-Hour Analysis:
Big Picture: After breaking past the 1820 level, Ethereum had a strong advance into its higher targets. Following the completion of a number of milestones, Ethereum has entered a period of gradual profit-taking. Nevertheless, profit-taking has gradually brought Ethereum to the breakout levels. The initial re-test received an extremely strong favorable response from the base. If Ethereum maintains the breakthrough levels, the bullish outlook is expected to continue.
On the Upside 1860 remains the initial resistance level for Ethereum. During the past few hours, price has struggled to break through this level. While breaking over this barrier would send Ethereum back to the 1880 to 1910 levels. This is where profit-taking cannot be ruled out. And besides, strength over 1910 opens the door to further upside into 1950, followed by 1980 levels.
On the Downside Ethereum is also being supported by the trailing EMA-32 support level. The trending EMAs of 32 and 50 are successfully leading price and providing solid support when tested. Additionally, the dynamic supports of EMA 32 and EMA-50 now coincide with the breakout levels of 1780 to 1820, enhancing the strength and significance of this zone. If Ethereum maintains this range levels, its short-term trend will remain aggressively positive, however price breaching these supports would accelerate a wave of heavy profit-taking, exposing Ethereum to lower levels.
