4-Hour Analysis:
Big Picture: Sellers took advantage of Ethereum’s weakness, dropping the coin by 10%. To transform this sell-off into a panic sell-off, sellers must first break the channel-based support and pull prices below 1450. This might lead to a larger sell-off aimed towards the 1320 area. To counteract any signs of weakness, bulls must retake control of 1680 and establish a stronghold above.
On the Upside the day’s initial resistance is 1620, followed by 1650. However 1680 serves as significant obstacle towards momentum development for higher levels. Acceptance over 1680 would set the stage for a move towards 1720, followed by 1790. The continuation of momentum over 1790 next paves the way for 1820.
On the Downside the number 1560 has been introduced as new support for the session. Following that, the next level of support is at 1540. This is a crucial trendline support that if held would keep further downside restricted; but, failure to do so could trigger another round of selling aimed for 1510, followed by 1450.
