2-Hour Analysis:
Big Picture: Surprisingly, Ethereum maintained its momentum and generated a strong upward impulse. The previous few candles indicate that price is eager to test the congestion zone. At these levels intraday profit-taking cannot be ruled out. Any positive re-tests of the 1230-1220 range can be very beneficial for buyers and can generate demand, allowing Ethereum to break through the 1280 level. Although confirmation would be seen when Ethereum achieves at least a few days of acceptance above the 1280 level.
On the Upside several intra-day levels have been broken, and Ethereum is currently holding strong. This strength must maintain its momentum in order to continue in this manner. However, the 1270-1280 level continues to effectively limit the upside potential. Buyers currently have the upper hand, but in order to confirm that strength, 1280 must be converted into a support. If this is accomplished, the upside will be extended towards 1320, followed by 1340-1350. This is where good profit-taking is likely to occur.
On the Downside a few resources have been established. Ethereum may revisit the range breakout levels of 1235 to 1220. A positive reaction in this zone will signal that the price will continue to rise with greater strength. However, losing this support would negate the aggression and re-expose the price towards lower supports around 1205 followed by 1170-1165 levels.
