8-Hour Analysis:
Big Picture: Sellers attempted but failed miserably to break the range. Price is now once again trading within the consolidation range of 1280-1380. Both of these levels have shown to be quite powerful in recent weeks and are currently holding firm. Having said that, sellers continue to have a macro-advantage due to the current market circumstances. To induce a reversal and rekindle the excitement, Ethereum must maintain a foothold above the 1425 mark.
On the Upside EMA-50 earlier rejected the strong bullish surge. Price is currently trying this level at 1317 once again. Price must regain control of this level in order to extend the upside back into 1340, followed by 1350, and eventually into the 1370-1380 range levels. This is the point at which heavy selling pressure resurfaces. As a result, Ethereum would need to clear this in order to continue towards further higher levels.
The Downside the primary supports are still at 1280-1255 levels. The next supports below these levels are at 1220, followed by 1190. Ethereum should preferably not breach the 1220 level, as doing so would add pressure to the downward. Furthermore, under present conditions, sellers continue to have an edge over buyers.
