4-Hour Analysis:
Big Picture: The consolidation broke to the downside, triggering a round of selling. Ethereum’s failure to remain above the 1700 level demonstrates that Ethereum still need a much finer foundation in order to challenge a key region breakthrough. Ethereum may correct further into lower support levels in the upcoming; to avoid this situation, Ethereum must demonstrate strength above 1770.
On the Upside the initial resistance is apparent at 1620, followed by 1660-1680. However, Ethereum is struggling to establish complete dominance above the 1700 mark. There is still selling pressure, which is producing price volatility and choppiness as price tries to find acceptance above 1700. Regaining control above 1700 would once again paves the way for 1750-1770. Acceptance over 1770 is necessary to unlock 1840 followed by 1920 and 2015.
On the Downside the 1560 level provided support for Ethereum. This is a good support for the day, but if it is broken, price is likely to test the 1470 support level. This is a strong price support level since we have both strong horizontal level and EMA-200 support. This will be an important area for price to hold and respond to. If Ethereum loses this, it could face another round of strong selling, exposing prices towards 1365 followed by 1250.
