4-Hour Analysis:
Big Picture: Ethereum failed to gain enough momentum to sustain the breakthrough, resulting in partial profit-taking. Despite this, Ethereum is in a better and stronger position than many of its competitors. However, this strength must be translated into momentum for an upward recovery, while failure would result in a re-test of lower supports.
On the Upside between 1580 and 1620, Ethereum faces a number of significant hurdles. This region has been restricting its upside potential and making it tough to gain momentum. Bulls must break over this level to open up additional upside into 1640, followed by 1680. Continuation of momentum beyond 1680 is expected to pave the way for 1730, 1780, and 1800.
On the Downside Fresh support has been created at 1510. This would be the last line of defence before a much stronger sell-off towards 1455, followed by 1425. Furthermore, 1425 is a significant support level that must be maintained in order to avoid additional sell-offs. If it fails, it will be exposed to 1340, then 1250. Both these levels are unfilled CME gaps.
