4-Hour Analysis:
Big Picture: Over the weekend, there was an incredible pump in which price wiped out the supply level and went on to the target the next mentioned resistance levels. Ethereum is currently leading the recovery phase and is poised to see its first bullish golden cross on the 4-hourly chart since March 19th. This is a favorable development for the price, however risk management is suggested as price may slow down and consolidate due to the much oversold indicators.
On the Upside Ethereum has pushed through both levels of 1335 and 1425 and is currently showing no indications of weakness. However, the next intra-day resistance is now around 1500, followed by 1545. Breaking this level will open the way towards the next supply level, which is located between 1655 and 1680. The RSI indicator has crossed the 74 threshold for the first time in over 100 trading sessions, indicating that Ethereum is obviously on the mend.
On the Downside Ethereum is seeing various levels of support emerge. The first intra-day support is spotted around 1425, followed by 1335. Following that, the price has a significant support level at 1280-1250. Previously, this was the supply level that kept prices from rising. Any positive re-test of this level followed by a strong bound will now place bulls in a secure and comfortable position. However, failure to do so will be a bad omen, exposing the price towards psychological lows.
