ETH-“Vital Supports Under Test”

12-Hour Analysis:

Big Picture: After confirming an evening star pattern, Ethereum added to the already existing selling pressure. Furthermore, as previously stated, support levels were put under pressure after the price went on to seize the liquidity above. Currently a significant support level has now been tested, and price should ideally re-enter the range to offset and minimize the present pressure. The dynamic support must hold or further downside will take place.

On the Upside there are a few of minor intra-day resistances to be seen between 1800 and 1805 levels. However, for the session, the 1820-1830 levels have returned as major resistances. Strength above them had previously executed a good move, and similar could be observed again. Bulls must gain their strength and hold above 1830 in order for the upside to pull.

On the Downside despite considerable pressure, the range lows are still holding. The dynamic support level of EMA-200 has now provided additional protection to this supporting region. This combination remains vital for buyers to hold and for sellers to break. Holding this region would minimize any selling pressure, however if sellers breached these supports they are likely to trigger another significant sell-off.