ETH – “Momentum Lacking”

4-Hour Analysis:

Big Picture: The long weekend has kept the price activity low as little interest was seen over the weekend. Meanwhile, Ethereum remains choppy, although maintaining its breakthrough on the falling channel resistance. Price, on the other hand, continues to lack momentum as it struggles to gain a footing above major driving EMAs. Ethereum will remain volatile as long as it trades below the EMAs, but a strong hold above them could lead to a decent push to the upside.

On the Upside the crucial intraday resistance level remains 1580-1620. Price has had a difficult time in this region. Buyers must get above this level to be eligible for further gains. A successful recapture would then lead to 1640, followed by 1680. Strength exceeding 1680 opens the door towards 1730 and 1780.

On the Downside the rising trendline, which is now near 1550, is providing adequate support for Ethereum. Loss of this level would expose the price to a major support level of 1510. This level has held since price consolidation, and any break of it might result in a further drop in price towards 1455, followed by 1425. These are critical supports that must be maintained in order to avoid further losses.