12-Hour Analysis:
Big Picture: For Ethereum, the initial breakout effort have failed. Price was able to remain above the key levels, but the aggressive bulls were unable to capitalize on the chance, resulting in significant intra-day profit-taking. Moving forward, price must break through the level, otherwise Ethereum may force some bigger profit-taking rounds in the coming sessions.
On the Upside price is having difficulty breaking through over the 1880 to 1900 mark. A decisive breakthrough above these levels is necessary to propel Ethereum into a hyper trend that will initially target the 1980 to 2000 mark before aiming for the current 52-week high. Furthermore, Ethereum has completed a Golden-Cross configuration, which may be helpful in the coming days.
On the Downside 1850 will be a critical support level that will restrict any substantial profit-taking for the time being. Losing 1850, on the other hand, might be detrimental to the bulls since it could provide short-term sellers an edge, allowing them to push for a corrective phase into 1810, followed by 1765 to 1740 levels first.
