4-Hour Analysis:
Big Picture: Ethereum defies selling pressure once more, triggering a significant comeback. Buyers were successful in retaining their major support levels. However, Ethereum has created a range between 1280 and 1380. As long as it trades between these zones, it will continue to operate on both sides. On the way up, it is suggested to take some profits. However, in order to convert this strength into a good move to the upside, Ethereum must retake and hold above the 1425 mark.
On the Upside the price is approaching another barrier level of 1360. The presence of the EMA-100 here is currently creating the intra-day hurdle for Ethereum. This level can be difficult for the bulls, but if they begin to operate above it, a swift move into 1380 is possible. This level of 1380 must be breached in order for Ethereum to test the crucial level of 1425. Reclaiming 1425 expands the range to 1425 to 1525, with opportunity for more upside into 1680.
On the Downside several intra-day supports have resurfaced. The session receives first support at 1340, followed by 1320. To maintain its strength, Ethereum should preferably not go below these intraday supports. However, if the price goes down below these levels, it could continue to fall towards the 1280 level, which remains a crucial support level for Ethereum.
