4-Hour Analysis:
Big Picture: Ethereum has been testing that breakout-based support repeatedly. Furthermore, with each test, the reaction gets weaker. This indicates that demand is beginning to decline at that level, as no follow-on is being observed. Furthermore, with moving averages currently trending downwards, bulls are running out of time and must act quickly to achieve a breakthrough; otherwise, the probability of breaching below the support grows considerably.
On the Upside before Ethereum can become bullish again, it must first breach several levels. The session’s initial resistance is located at 1320, followed by 1340. Above this, the next set of resistances can be found in the 1370-1380 range. On separate time scales, Ethereum has been battling both of these regions. Both of these barriers must be surpassed in order for Ethereum to advance.
On the Downside pressure is building on the breakout-based support. This level has shown to be a significant level of support for Ethereum. It has now been in effect for more than 15 trading sessions. However, several repeated tests have rendered it a little weaker, but it can regain strength if bulls can maintain this level for the next few sessions. However, if this level is breached, Ethereum would decline towards 1190, followed by 1120.
