8-Hour Analysis:
Big Picture: Ethereum has seen a period of significant consolidation between a micro-range. A significant urge will be noticed once this consolidation phase transforms into an expansion phase. Ethereum has effectively defended its downside levels and would require strength over 1425 to put bulls back in control. A fall below 1220, on the other hand, would result in a bearish breakout that would most likely target the psychological range level of 1000. Furthermore, there is a strong probability of a range break this week.
On the Upside Ethereum is currently holding below the key range levels of 1370-1380. This region still has a plentiful supply, but multiple tests in fast sequence can potentially deplete it. The Bulls, on the other hand, will need to show tremendous commitment. If this level is successfully broken, Ethereum will move towards 1400, then 1425.
On the Downside the 8-Hourly EMA-50 at 1317 is giving immediate assistance. Currently, buyers are attempting to create a foothold over this EMA. Since mid-September, price has not gained acceptability over this level. The next level of support will be seen at 1280-1255, followed by 1220.
