12-Hour Analysis:
Big Picture: Ethereum’s session yesterday was very volatile. The session opened with immense selling pressure, but bulls were able to post recovery before the candle closed, offsetting 60% of yesterday’s selling. Considering indicators, Ethereum has plenty of opportunity for a strong move higher and might very well launch one as long as it holds its immediate supports.
On the Upside price is anticipated to experience some hurdles at levels ranging from 1880 to 1900. These levels continue to be important for the price since they contain the key to Ethereum’s bigger price breakout. If Ethereum is to rise higher into the 2000s, it must overcome these obstacles.
On the Downside the 1850 level was crucial in maintaining the selling pressure. Ethereum had significant support from this zone, resulting in a massive round of short-coverings, followed by fresh buying, which was able to push the price back up. The key remains Ethereum holding 1850. Meanwhile, if this support is lost, the price would go back into lower supports of 1810, followed by 1765 to 1740 levels.
