ETH-“Vital Supports under Test”

12-Hour Analysis:

Big Picture: Ethereum in general remains stuck between the 1820 and 1780 range levels. Price attempted to break through higher but was unable to sustain, resulting in a fakeout and a return to the previous zone. Ethereum remains trapped between these levels, with big resistance above and major supports below limiting its overall movement.

On the Upside after re-testing its lower supports, Ethereum broke through the minor intraday resistance. However, the price has returned to the major intraday resistance level of 1820 to 1830. These are the levels that, once again, are restraining Ethereum’s climb. Price exceeding these levels would allow for some additional upside, initially into 1845 level and possibly back into the 1860 area.

On the Downside Ethereum was once again shielded by a strong supporting region. These supports, like the above resistance levels, are likewise quite powerful. For the time being, the price is in equilibrium between 1820 and 1780 levels. To regain any advantage over the trend, sellers must breach these supports, putting Ethereum under fresh selling pressure.