12-Hour Analysis: Big Picture: Over the previous few weeks, Ethereum’s low volume, caused by a lack of engagement, has caused price movement to become choppy and sluggish. This situation is expected to continue as long as prices remain inside the range. Ethereum must break out from its constrained range in order to improve the price action and initiate better trending movements.
On the Upside Ethereum has been unable to break over the 1860 resistance level. This is the session’s primary resistance once again. Surpassing this would allow Ethereum to re-aim for the 1880 and 1900 levels. Ethereum also features an EMA-50 between these resistances, which has been a big driving tool in recent sessions. This EMA will now act as a resistance level. To reach further heights, Ethereum must break beyond the congestion zone and the psychological zone.
On the Downside the 12-hourly EMA-200 level at 1838 further protects the supporting range between 1830 and 1820 levels. The initial tests on this EMA prompted a reasonable reaction; nevertheless, until momentum improves, price action is likely to stay rough. Ethereum has only broken below the 12-hourly EMA twice in the previous almost 200 sessions, and both times the breach was brief.
