12-Hour Analysis:
Big Picture: Over the weekend, Ethereum was able to break out of its range-bound range, putting it in the breakout zone. Ethereum is now sitting at a critical level, where bullish momentum could push the price inside a huge breakthrough. Furthermore, Ethereum is pushing for the Golden-Cross formation on a daily time-frame, suggesting that momentum is growing.
On the Upside the volume of Ethereum is constantly increasing, indicating that activity is still high. Furthermore, price is within a range that contains the key to another bullish breakthrough, initially towards the psychological level of 2000 and possibly beyond. However, it is critical that Ethereum maintains its stronghold between 1880 and 1900 levels. Negating any weakness here would provide the moment of attention needed to move Ethereum from bullish to strongly bullish.
On the Downside currently 1880 is holding well since getting flipped. Furthermore, the earlier price barrier of 1850 has been converted into a support zone. Ethereum must sustain both of these levels in order to retain the growing momentum necessary to trigger the breakout. Any drop below 1850 would be a short-term setback for the bulls, potentially triggering a deeper corrective pullback back towards 1765 to 1740 levels.
