12-Hour Analysis:
Big Picture: Ethereum is currently trending in an ascending channel. Except for one single exception, this trend has maintained fairly well. This trend is likely to lead to an impulsive move in the coming sessions. Maintaining this pattern will keep pushing prices higher, even if at a slower pace. Furthermore, the RSI indicator is currently holding the 50 level mark; maintaining this level will make way for higher levels, while rolling below this mark would most likely push prices back towards the lower Ethereum supports.
On the Upside Sellers regrouped and limited the advance of Ethereum over 1650 and 1680 levels once more. Previously, Ethereum achieved acceptability above this level but did not capitalize on the chance. Both 1650 and 1680 will stay as early resistances for the session. Any acceptance over these levels will push prices towards the 1710 and 1730 range. To pull off another breakthrough and target the upper band of the ascending channel, Ethereum must now surpass 1730.
On the Downside Initial protection has been provided by EMA-32 and EMA-50 at 1635 and 1615, respectively. Over several months, both of these EMAs have been quite effective in driving the trend. Buyers have the upper hand as long as prices remain above them. But, if Ethereum remains range bound for a bit longer, these EMAs will become detached until another impulsive action is observed. The trendline at 1600 is the next level of support below them. This is a major support to maintain since losing it would expose Ethereum back to its key support zone of 1540 and 1490 to 1480.
