8-Hour Analysis:
Big Picture: Ethereum is still operating in a sideways channel. It broke through the converging triangle, but the reaction has been normal thus far. This indicates that Ethereum is currently honoring the sideways channel more than any other pattern. This choppy situation is expected to persist as long as the price is caught around the 1380-1280 area. To get Ethereum trending again, the price must break out of this consolidation box.
On the Upside the first obstacle for the day would be at 1292. The next intra-day resistance is seen around 1315, followed by the 8-hourly EMA-50 at 1340. This EMA has been extremely reactive in recent months. The bullish phase will not acquire strength till Ethereum confirms acceptance above this EMA. To develop a stronger and much more sustainable momentum, Ethereum must begin trading above this EMA. Moreover, the next resistances above this level are evident at 1350, followed by 1370-1380 range levels.
On the Downside price is testing demand levels at 1280 once more. This support zone between 1280 and 1255 has been rather solid, but in order to keep these supports intact, buyers must come in and drive prices back up. As failure to do so may result in this level being overwhelmed and breached. If this occurs, Ethereum will take a fast drop towards 1190 and may continue into 1130-1070.
