12-Hour Analysis:
Big Picture: Ethereum has grabbed liquidity at the higher ends of the range and is now returning back into the range. Ethereum’s upside has once again proven unsustainable. This continues to be a source of concern for the bulls, as they have been creating openings but have yet to capitalize on them. An evening star candlestick pattern is currently forming. The formation remains bearish and might add to the already intense selling pressure.
On the Upside the surge remained short-lived beyond the 1820 to 1830 levels. The price squeezed higher into 1872.75 level from where profit-taking kicked in. However, for the session the initial resistance is back at 1830 level. Breaking this would get price back into 1850 to 1860 levels. Surpassing these with strength and back to back positive candle closings would allow for a re-test of 1880 level initially followed by range top at 1920. However, positive prospects stay dim for the time being.
On the Downside the price has returned to the 1830-1820 range. These levels must be maintained for any constructive upside. If these supports are breached and the candle closes below 1820 level, price will be exposed back into the lower supports. Additionally, this liquidity grabbing event may potentially trigger a similar conclusion below the short-term range lows. As a result, caution is urged for the session.
