4-Hour Analysis:
Big Picture: Ethereum price ranges are currently in full swing. These are the circumstances that intraday traders like and seek. These circumstances are expected to persist as long as the extreme ranges hold. However, as time goes on, this range will become more volatile, with liquidity as the primary price goal. Furthermore, as time passes and this range evolves, a breakout will become imminent.
On the Upside intraday resistance has now dropped to 1075, with 1150-1175 as the next resistance levels. These are the levels that Eth has to retake in order to regain short-term momentum. Breaking over these intra-day resistance levels, however, leads to the congestion zone around 1250-1280, followed by the 4-hourly EMA-200. Although this zone retains a major price barrier, it is also an excellent place for stop-hunting, since multiple sellers hold stops above these levels. Price manipulation along these levels is therefore very likely. If a real breakthrough happens, however, the price is expected to rise around 1350 and 1420 in the coming sessions.
On the Downside Ethereum currently trading below 1075 support level. It has to reclaim this level in coming hours to off-set any further intra-day selling. Failing to do so will exposed Ethereum towards the important support levels of 1118 and 1000. Bulls are safe as long as price remains above the psychological support level of 1000; however, failure to do so increases the risk of a run down to the recent lows.
