4-Hour Analysis:
Big Picture: After establishing a short-term edge, buyers had the opportunity to push prices higher. Despite having the opportunity, they failed to capitalise on it, resulting in intra-day profit-taking. Ethereum, on the other hand, continues to honour the ranged-bound levels between 1920 and 1780.
On the Upside price is likely to take intra-day resistance from the 1880 level. For buyers to counter-act the emerging pressure, they need to reclaim and establish strength above 1880 once again. Doing so would once again push Ethereum towards 1900 initially followed by 1920. While 1920 continues to remain the short-term range top, any strength beyond this level could lead to a decent expansion towards the upside.
On the Downside Ethereum is on the verge of losing the 1880 support level. Losing this level will drag Ethereum out of its short-term aggressively bullish stance and could lead to another ranging situation. Below 1880 the next level of support are at 1860 followed by 1830 to 1820 levels. Breaking 1830 previous lead to a strong price surge, while re-test of this level is could invite a decent round of short-coverings and could partially reverse the trend in favors of buyers once again.
