4-Hour Analysis:
Big Picture: Ethereum retakes control of the 4-hourly EMA-100 and has been holding it for a while now. For price, this has been a good progression. The price is rising toward the supply zone gradually. That area continues to be a significant price congestion spot. Additionally, the present trend exhibits indications of a corrective cycle rather than bullish momentum just yet. Ethereum needs to get acceptance above EMA-200 for this corrective phase to transition into a short term bullish cycle.
On the Upside several significant resistances were recently surpassed by Ethereum. However, the first intraday barrier is now around 1196.50. The 4-hourly EMA-100 has also been regained by the market, and if it is held, the upside will be extended, first toward 1210 and then possibly approaching the supply zone around 1250 and 1280. EMA-200 is located around 1316 and serves as a transition between the corrective cycle and the short-term bullish cycle.
On the Downside at 1155 and 1120, respectively, both EMA-100 and EMA-50 will provide early support. The next support level is between 1110 and 1105. If Ethereum fails to hold these supports, it runs the danger of once again being exposed to the crucial supports at the levels of 1118 and 1000. Both of these supports must be maintained since failure to do so might result in further selling pressure, which could expose Ethereum once again to the 960-930 area followed by 850-790 region.
