12-Hour Analysis: Big Picture: The battle between the 12-hourly EMA-50 and the supports below is still ongoing. The trading range is becoming increasingly narrow as the EMA-50 continues to fall and the price remains within support levels. The pressure is growing once again as Ethereum begins to penetrate down into the supporting area. To counteract this rising pressure, a break above EMA-50 is necessary. Furthermore, the RSI indicator has been unable to achieve acceptance above the 50 level, indicating a lack of momentum.
On the Upside session after session, the 12-hourly EMA-50 level falls lower. This resistance is now at the level of 1873. If price can hold above this level, 1880 is expected to be surpassed, while Ethereum will re-aim for the 1900 level initially, with room for 1920 to 1940 as well.
On the Downside the support levels of 1830 and 1820 are being challenged on a regular basis, which is likely to weaken them as well. If Ethereum fails to gain progress above the EMA-50 level, a break of these supports cannot be ruled out. This would cause Ethereum to fall further into the 1790 to 1770 range, which is also the range lows. EMA-200 is currently securing this area on a daily time-frame. Expect a decent reaction here if price goes on to test these supports.
