12-Hour Analysis:
Big Picture: Over the previous several weeks, Ethereum has been able to push for some significant rounds of short-coverings, but overall it has been in a slow decline across higher time frame. That trend is now gradually nearing weekly supports for Ethereum, which has already begun to cause short-term bounces for the pair. Sellers are advised to exercise some caution in an event of additional selling.
On the Upside 1580 once again limits the upside, resulting in another intraday round of selling. Price is expected to stay under constant pressure as long as the bulls maintain below the 1580 level. If the price begins to hold above 1580 once more, the short-term outlook could improve. This could lead to a re-test of 1610, followed by 1630 to 1640 levels.
On the Downside Ethereum is testing the 1550 level once more. Over the previous few days, price has repeatedly tested this level. This will likely weaken this level as sellers have been giving applying pressure to overwhelm this support zone. If the price falls below 1550, it is likely to move into 1520. Previously, the support level of 1520 was sufficient able to force a very strong short-squeeze, however a similar reaction this time is less likely.
