ETH – “Hold 1700 Level & Continuation Likely

4-Hour Analysis:

Big Picture: Ethereum ended the session on a weaker note. Bulls were unable to capitalize on the opportunity, resulting in significant intra-day profit-taking. This, however, does not put the price action in danger. Before any hyper-move, Ethereum might re-test lower support levels and re-energize itself. To get bullish again and achieve higher levels strength above 1780 would be required.

On the Upside immediate resistance is being felt at 1780 breaking this would create room for a move towards 1820 next followed by 1865. These are strong intra-day resistances and could slow down the surge. However if momentum above 1865 persists a move towards 1920 remains on cards. This is a significant resistance level for Ethereum, expect aggressive profit-taking around this region.

On the Downside from 1700 through 1710, decent support is being offered.  No 4-hourly candle has closed decisively below this support level. As a result, this level remains legitimate and firm. As long as bulls hold this level under control, there is minimal risk of a further drop; however, losing this support would expose Ethereum to 1680-1650, and possibly 1600.