4-Hour Analysis:
Big Picture: The 4-hourly EMA-100 continues to cause Ethereum problems. This level is considered as critical resistance since the EMA has not been reclaimed since early April. Additionally, Ethereum has spent roughly 23 trading sessions in this sideways zone. This indicates that the range is going through a mini-accumulation or further redistribution phase. Ethereum has to breach the ranges in order to confirm either one.
On the Upside Ethereum continues to experience difficulties in the 1150–1170 area. The EMA-100’s presence at this level is also making things more challenging for the bulls. However, regaining this level will open the door to more gains. Targeting 1210 first, then supply levels between 1250 and 1280. Furthermore a successful break above the supply zone leads towards 1350 initially followed by 1425.
On the Downside initial support still stands firm at 1110-1105 levels. This level is also protected by 4-Hour based EMA-50. Following that the next levels of support are once more seen at 1118 and 1000 mark. However, losing these key supports could act as a real setback for bulls, causing Ethereum to fall back into the triple digits, initially targeting 960 followed 930, and finally the recent lows.
