12-Hour Analysis:
Big Picture: After holding onto the major supporting region, Ethereum broke through the 1680 barrier level. Presently, the price is consolidating at the breakout levels. However, the bulls have so far been unable to capitalize on this massive opportunity to move higher. The longer they delay, the weaker the break becomes. As a result, buyers must move swiftly and drive prices higher, or else this breakout could turn out to be a failure.
On the Upside the price has once again dropped below the important levels of 1650 and 1680. This casts doubt on the bullish sentiment. But so far, these levels are not anticipated to be incredibly strong resistances; however, if they end up restricting any advance higher than this existing momentum would be endangered. To reach 1780 and 1820, Ethereum must regain control of the 1730 level. Also, the price is currently inside a bull-flag, which coincides with the breakout level above 1730.
On the Downside several supports are present below to offer immediate support for Ethereum. The 12-hourly EMA-32 and the bull-flag trendline are establishing themselves as initial support. Both of these supports combine to provide support levels ranging from 1630 to 1620. Below these, the EMA-50 at 1610 is the next support, followed by the preceding trendline support at 1600. To prevent significant selling pressures, Ethereum must remain above the 1600 mark.
