12-Hour Analysis:
Big Picture: The indecision on Ethereum’s end is likely to persist for a couple of sessions further. Lower levels of Ethereum have higher time frame supports between breakout levels, whilst higher levels have significant congestion. Going forward, this situation could result to further volatility in the pair, as well as a phase of consolidation.
On the Upside yesterday’s price increase ran against resistance between 1880 and 1900. This region continues to be the primary resistance for the session. Bulls should preferably re-establish strength above this level in order to strengthen their short-term outlook. This would re-direct price towards 1920, while on the next break Ethereum will be opening up the upside towards 1980 to 2000 levels.
On the Downside the breakout-based supports between 1820 and 1780 levels have once again stepped up, preventing any further sell-off for another session. The longer these supports remain in place, the more likely it is that protracted short-coverings will occur. Below 1780, the next level of support for Ethereum is 1750. This level reflects 50% of the Fibonacci retracement and is backed up by 12-Hourly EMA-200. For the session, Ethereum sees multiple supports ranging from 1820 to 1750.
