12-Hour Analysis:
Big Picture: Since April, the macro-range of Ethereum between 1920 and 1780 levels has been in effect. Since then, neither side has been able to push for a lasting trending move despite several tries. This will keep Ethereum’s price movement volatile and rough. Quick moves should be preferred in these situations rather than positioning in major swing-based actions. In general Ethereum continues to lack momentum, however it is now getting closer to some strong supports.
On the Upside anticipating that after the recent decline, several intra-day resistances will recur. Ethereum will first encounter intraday resistance at the level of 1860 and 1880. Surpassing 1880 would push the price back up towards 1900. Stronghold over 1900 extends the upside towards the congested zone of 1920 to 1940 levels. This is a challenging area for Ethereum to overcome.
On the Downside increased selling pressure has been observed for Ethereum since it lost the EMA-50 level. This has caused Ethereum to revert to its lower supports, which are located in the 1830–1820 level range. Strong Ethereum support exists here. Additionally, Ethereum has several supports from levels 1830 to 1780. The strength of the upper resistances that Ethereum has been up against for a while are comparable to this supportive zone. Unless they go through this area, sellers won’t be able to achieve any significant selling. Sellers should proceed with care at current levels until a breakdown is seen.
