2-Hour Analysis:
Big Picture: Ethereum remained volatile and delivered a strong rally. When the price reclaimed the 2-hourly EMA-200, there was a significant uptick. The intraday supports and resistances have both done their jobs well in recent sessions, and if both of these levels continue to hold off the price, Ethereum may continue to be volatile. Ethereum needs to reach and hold above the 1300 level in order to have another upward run. Contrarily, the intra-day supports at 1220 must be broken in order for the price to fall any lower. It is likely to stay in between both of these zones until then.
On the Upside the price has returned to the congestion zone between 1280 and 1300. This level has not been broken in nearly 28 trading sessions. This demonstrates how congested this area is. Buyers would need a lot of determination to get past this point. Surpassing this region could result in a breakout that targets the 1340 to 1350 range levels next.
On the Downside the first supports have now been established at 1270, followed by 1260. The next level of support is at 1250 in the form of the EMA-200. All of these levels are likely to keep any intraday minor profit-taking to a lower limit. These supports, however, remain vulnerable if Ethereum fails to break through the 1300 level. If the 1250 level of support is lost, Ethereum will be exposed to 1220, afterward 1205.
