4-Hour Analysis:
Big Picture: Ethereum is striving to regain strength and momentum after breaking through the falling wedge formation. Previously, a similar attempt was attempted but was unsuccessful because the bulls were unable to capitalize on the momentum. If Ethereum can continue to rise over the 4-hourly EMA-100, this move will gain strength. This would give the price another push to higher levels. Failure to do so would keep the trend uncertain, with a greater probability of lower support re-tests.
On the Upside price is still struggling near 1580-1620 levels. This level has been restricting the coin’s upside potential. Bulls must break over this level to open up further upside into 1640, then 1680. Beyond 1680, if momentum persists Ethereum is to continue towards 1730 next followed by 1780 and 1800.
On the Downside 1510 halts the selling and creates another strong reaction, bringing the price back up to higher levels. This level continues to provide solid intra-day support. If this level is breached, Ethereum is expected to fall towards 1455, followed by 1425. These are important supports that must be kept in order to avoid more losses. As a result of losing these, Ethereum is vulnerable towards the unfilled CME gap around 1333-1250.
