2-Hour Analysis:
Big Picture: Ethereum has been very mature in terms of following and honoring levels. It managed to draw some support from intraday levels and pushed prices back up. However, it is currently trading just below the congestion zone and will require buyers to act decisively in order to flip this level. Unless and until that occurs, the ranges are likely to perform and can be extended by a few points on either side. High Volatility is likely to be seen for the session.
On the Upside at 1220, Ethereum is testing the 2-hourly EMA-200. This level has also served as a strong intra-day horizontal resistance level, followed by 1230. If Ethereum can gain acceptance above the dynamic support of the EMA-200, the price may have a better chance of surpassing the congestion zone. Ethereum, on the other hand, requires at least two consecutive sessions closing above 1280 in order to challenge higher levels.
On the Downside at the 1205 level, initial support is formed. Below this level of support, 1170 is the next line of defense, followed by 1155 to 1135. These are good intra-day supports for Ethereum and can continue to offer decent support upon test. However, major support for the session remains at 1080 and must be held with firmness to avoid further downside slippages.
