4-Hour Analysis:
Big Picture: Breaking through the falling channel barrier has resulted in a strong upward surge. Such a move was being structured as price left behind too many inefficiencies. However, this intraday surge must sustain momentum in order to reinstate strong bulls back on the charts. Reclaiming and establishing stronghold above1425 has the potential to reignite that enthusiasm once again.
On the Upside Ethereum is currently trading in the 1370-1380 area. At the moment, these levels are limiting the upside. These are powerful intraday resistance levels that will put buyers to the test. To sustain the rally, Ethereum must gain a foothold above this level. If Ethereum breaks through this zone, it will most likely move into the 1425-1525 region.
On the Downside Price has intraday supports at 1340 and 1310, respectively. These levels will act as re-test based supports, and maintaining them is critical for the continuation. Holding these supports will provide a significant boost to the price. Although below these supports, the next band of supports can be seen at 1280-1255. These are significant Ethereum supports that have prevented aggressive sellers from taking over the trend.
