4-Hour Analysis:
Big Picture: The intraday surges in Ethereum suggest that bulls are responding effectively to the dips and are using them as opportunities to load up. Ethereum has been a front-runner in the corrective phase and has demonstrated solid resilience throughout; nevertheless, acceptance over 1770 is required to ignite the next wave of excitement. Furthermore, if break-out is delayed, these pull-ups may lose steam, forcing a lengthier period of the corrective cycle.
On the Upside price is testing the resistance levels of 1660-1680 once again. This push requires widespread acceptance over 1700 in order to fully dominate the level and push for another hyper-move. Nonetheless, 1700 is also a significant important resistance level for Ethereum; however, breaching this goes to 1750-1770, after which the upside is anticipated to accelerate into 1840, followed by 1920 and 2015 as next upside goals.
On the Downside 1620 has been reinstated as an intra-day support level. Following that, the next level of support is noted at 1560. This is a significant support level for Ethereum, but if it is breached, price will most likely test the 1470 support level, which is guarded by the EMA-200. This is a critical area for price to hold and respond to. If Ethereum loses this, it may face another round of heavy selling, exposing prices towards 1365 and then 1250.
