12-Hour Analysis:
Big Picture: As previously indicated, that price was expected to enter a volatile phase due to both players firmly protecting their levels. Meanwhile, Ethereum started the session under pressure, but buyers stepped in just in time and drove the price back into the upper resistance zones, where again profit-taking was noted and the price was unable to maintain any higher. For Ethereum to continue higher strength above 1820 remains essential.
On the Upside Ethereum has once again failed to close any candles above the 1820 level. This remains a strong level of resistance for Ethereum, while another barrier that has been restraining the gain is the rising trendline resistance, which is now at 1850. Each of these sets of barriers have made it difficult for buyers to achieve further breakthroughs. Strength over 1820 and a break above 1850 remain critical for Ethereum to have another strong move to the upside, with targets of 1910 and 1950 levels next.
On the Downside 1780 has repeatedly failed to establish itself as a viable support level. Price might, however, draw intra-day slight support from this level. Nonetheless, for the session, the initial significant support is between 1730 and 1720. This area effectively held the previous Ethereum’s breakthrough. Additionally, below this level, another significant support zone is indicated between 1680 and 1650 levels; these are breakout-based supports, and maintaining them would be critical for Ethereum to maintain its bullish view and to counter any potential aggressive selling pressures.
