12-Hour Analysis: Big Picture: Another session in which initial resistances restricted Ethereum’s advance. Despite repeated tries, Ethereum has continually failed to surpass the 1860 level on shorter time horizons. The slowing momentum of Ethereum is keeping the aggressive bulls at sidelines. Ethereum has to sustain momentum in order to offset immediate profit-taking on any short-term strengths.
On the Upside The price is becoming constrained at the 1860 resistance. Price has been testing this barrier for several sessions in a row, with little result. Above 1860, the next levels of resistance occur at 1880 to 1900 levels, then at 1920 to 1940 levels. The 12-hourly EMA-50 is now at 1884.20 level.
On the Downside Ethereum offers a wide range of protection from 1830 to 1780 levels. This area is as powerful as the major resistances above, which have been keeping Ethereum’s rise in check; similarly, the supporting region between 1830 and 1780 is stopping Ethereum from sliding any lower. This is causing the pair’s price activity to be slow. The initial horizontal supports are located between 1830 and 1820. While the EMA-200 support is nearly at 1840.
