2-Hour Analysis:
Big Picture: Around the congestion zone, Ethereum formed a triple top situation. This indicates that there is still a lot of selling pressure in that area, which is outweighing the current demand. The third failed attempt has triggered a sell-off that is currently clinging to the 2-hour EMA-200 support level. If Ethereum falls below the EMA support level, pressure could build up.
On the Upside the daily EMA-50 at 1300 proved too difficult for the current momentum. In the last six trading sessions, Ethereum tested the daily level EMA-50 three times and was rejected each time. This level has proven to be extremely difficult for buyers to surpass. Ethereum must break through these levels in order to expand its upside into the 1335 to 1350 range, and it could very well target even higher levels around 1440 to 1460.
On the Downside the 2-hourly EMA-200 at 1250 is currently keeping the price from falling any further. However, the current price action is indicating weakness and may fall further into the 1235 to 1220 region in the nearish term. The next supports are at 1205 and 1170, respectively. This support level of 1170 must be held in order to avoid panic selling.
