4-Hour Analysis:
Big Picture: Ethereum is once again testing the supply level and hitting into intraday resistance. Price is once again at the top of the range, and any signs of a slowdown may prompt profit-taking. Currently, the range is valid between 1280 and 1118. With many significant resistances in short succession, Ethereum is likely to struggle to overcome these various congestion points. However, in order to develop a second round of enthusiasm and transform this momentum into a more aggressive phase of recovery, Price must break above both the range and the EMA-200.
On the Upside As soon as price recaptured the EMA-100 level, Ethereum launched a strong surge to the upside. However, this surge is set to hit some important resistances, which might lead to profit-taking. The supply level at 1250-1280 is providing significant initial resistance. For nearly 25 trading sessions, this region has restricted the upside. Following that, we have another significant resistance at 1310 in the shape of the 4-hour EMA-200. This is a solid barrier, but breaking it expands the upside to 1350, followed by 1420.
On the Downside There is an initial support zone between 1170 and 1150. Following that, the next level of support is monitored at 1105 and 1075. If Ethereum fails to hold these supports, it risks being exposed to the critical supports at 1118 and 1000 once more. Bulls are safe as long as price retains the psychological support level of 1000; however, losing this support raises the likelihood of a running down to the recent lows.
