4-Hour Analysis:
Big Picture: Ethereum is stabilizing just above the breakthrough support level. Ethereum must maintain this level of support for a bit longer before buyers can re-emerge. In addition, a potential double bottom on lower time frames is also being developed. If this double bottom is confirmed, the long-awaited recovery towards higher levels is likely. Losing this support zone, on the other hand, will keep Ethereum under pressure for a deeper pullback.
On the Upside 1380 has twice capped the price. This is still the initial intraday resistance. There is severe congestion above that between 1425 and 1525, with multiple intraday resistances in between. This region has a significant supply, making it difficult for Ethereum to quickly exceed. Furthermore, the sellers will take advantage of this area as a selling opportunity. Getting over this zone, on the other hand, will be a significant accomplishment that will pave the way back to 1680.
On the Downside 1320 has been holding the price quite nicely. Significant supports, however, remain to operate between 1280 and 1255. Furthermore, any sustained decline towards the downside will aim for the 1190 level.
