12-Hour Analysis:
Big Picture: The bulls were unable to withstand the dominating pressure from the EMA-50, resulting in the breach of an important intra-day supportive area. Ethereum is currently back in the range low levels for the first time since mid-June. With the exception of a single breach, price has effectively stayed onto this range since April. The growing pressure, however, is keeping the bulls on their toes since losing this support will be a huge short-term setback for the bulls, who will then likely see price sliding down before establishing any substantial reversals.
On the Upside Ethereum is also anticipated to face many resistances if price attempts any upside for the session. In the case of short covering, Ethereum may return to levels around 1800, followed by 1820 to 1830. This region of 1820 to 1830 is expected to establish itself as a strong resistance level for the session and may serve as the day’s top. Price is going to encounter strong resistance at these level.
On the Downside the low values between 1790 and 1770 are now being tested. Price has rebounded since testing these levels, however this might be due to partial short-coverings. The volumes have improved marginally, but nothing noteworthy has occurred to indicate any change of hands or pressure absorption. Ethereum may continue under pressure for the rest of the day, but as long as current range low supports hold, additional loss may be avoided. If these supports are breached, Ethereum will fall towards 1720, followed by 1680.
