4-Hour Analysis:
Big Picture: Ethereum maintained its aggressive posture, almost testing the second supply threshold at 1645-1680. However, price held slightly shy of that level, resulting in intra-day profit-taking. Ethereum currently shows no indications of weakness, but this hyper move needs to either form a consolidation range again or re-test the breakout-based supports to further strengthen the advance. Furthermore, Ethereum’s relative strength index clocked at 82.75 on the scale, the highest since the end of March.
On the Upside Price made another big surge above the 1545 mark. This rise was swiftly reversed, resulting in intraday profit-taking. This level is still the price’s initial intraday barrier. To confirm a break above this price, at least two solid hourly candle closings above 1545 need be achieved to pave the way towards the 1645-1680 supply level. Price could trigger another wave of significant profit-taking at this level, however a breakthrough above it leads towards 1710 initially, followed by 1820 and 1890 in the coming sessions.
The Downside remains same with initial support at 1425, followed by 1335. The price then has a big support level at 1280-1250. This was once the supply level that stopped prices from increasing. Any bullish re-test of this level followed by a strong bounce puts bulls in a safe and comfortable position. However failing to hold onto this support level could jeopardies the bullish momentum.
