Big Picture: Ethereum attempted yet another breakout above the 1350 mark but got declined. This has resulted in significant intraday profit-taking. Furthermore, the coin’s recent price behavior indicates exhaustion. Ethereum is alarmingly near to the 1280 level, which it must maintain in order to prevent any significant profit-taking. As falling below this level risks wiping out all prior gains.
On the Upside the 1340-1350 level is also proving too strong for the price to break in any initial attempts. Unless and until this level is broken, the price may stay turbulent and under pressure. Acceptance over 1350 is required to re-invite the bullish momentum, as acceptance above this level drives price towards 1385 and 1425 next.
On the Downside the previous congestion zone is now holding the price. The current body of the candle, on the other hand, implies that sellers are actively attempting to overpower this support. If they succeed in breaking through this support, Ethereum will experience a greater pullback, first towards 1265 to 1260 levels, then 1245-1240 and even far lower to find sufficient demand.