Big Picture: Ethereum attempted many times to hold the breakout support level, but sustained selling pressure is seeking to breach this level of support, allowing another wave of selling for Ethereum in the next hours to days. The lower-time frame structure is now successfully under bearish control, as price continues to make lower highs and lower lows.
On the Upside any short-term drive for Ethereum is likely to encounter significant resistance at the 2405 and 2425 levels. These were the prior break-out levels. Furthermore, any short-term strength beyond these levels would confront extremely complicated opposition at 2445 to 2455 levels. These levels may once again create fresh shorting opportunities for sellers.
On the Downside Ethereum is approaching the 4-hourly EMA-250 support level. This EMA support has previously signified Ethereum’s significant upside levels. Meanwhile, a reaction is expected off this level at 2350, but due to the continued structure and aggressive profit-taking posture, this EMA is unlikely to hold for long, perhaps paving the way for further support levels at 2340 and 2320.