ETH-“Use Strength for Aggressive Profit-Taking”

12-Hour Analysis:

Big Picture: The short-term range lows prevented prices from falling any lower. Furthermore, buyers took on intra-day resistances and gained acceptance above them, resulting in a decent expansion within the range. Ethereum is once again challenging its short-term highs. These ranges have been effective for Ethereum in recent months. Furthermore, as price has return to its range highs, active risk management is advised for fresh entrants.

On the Upside the resistance level of 1920 is being tested by Ethereum, which has been a clear barrier level for Ethereum since early April. In almost 50 trading sessions, Ethereum has just twice surpassed this range. Furthermore, only one of the two breakthroughs was able to be sustained. This level will remain a significant barrier for Ethereum. To turn this level into a support, Ethereum must close above it on a 3-day session closing. Any short-term deviations over this threshold are cause for concern. However, sustained strength after 1920 leads to next towards 1950, followed by 1980.

On the Downside there are several intra-day supports in place. The initial level of support is at 1900, followed by 1880. To retain the current strength, Ethereum should preferably hold the 1880 level. If this level is violated, it will undermine the current momentum and may potentially provoke a stronger wave of profit-taking.