ETH – “Confirmation’s Essential”

4-Hour Analysis:

Big Picture: Ethereum held to the falling wedge pattern with greater tenacity than the others. This has resulted in yet another good intraday gain. Furthermore, regaining the 4-hourly EMA-200 provided further push to the price as Ethereum proceeded to test higher levels. This is an encouraging development, but additional momentum would be confirmed if price re-tests and bounces off the EMA. Successful re-test would enable higher levels in coming sessions.

On the Upside price went on to test the intra-day resistance at 1680. It was highlighted earlier that any strength above 1620 would lead towards such a move. Going forward this is an important level of resistance that needs to be breached to build further momentum and continue the trend. Stronghold above 1680 is to lead price towards 1730 next followed by 1780 and 1820.

On the Downside EMA-200 at 1620 will provide immediate assistance. Following that, the rising trendline at 1560 would serve as the next support level. Holding onto this support would keep the trend going, while losing it would endanger the recovery and reopen lower supports.