4-Hour Analysis:
Big Picture: Ethereum is striving hard to enter into its second phase of upside. It is now holding onto the prior range-low level with reasonable strength. It needs further consolidation above this level to confirm the regain of a crucial level. Ethereum has had a solid run on the highs in recent weeks and still has opportunity for more gains, but with overall macro still favoring bears, late entrants are advised to maintain risk management intact. Price might remain volatile in this area for some while as bulls and bears battle it out.
On the Upside a significant level is in process of being restored. Furthermore, if bulls can maintain their current momentum and absorb any remaining selling pressure, then another powerful upside rally remains on cards. Initial targeting 1840, followed by 1920 and potentially towards 2015.
On the Downside between 1700 and 1660, several intra-day supports are being developed. This level was formerly a strong barrier for price and may now operate as a solid support, but this has to be confirmed yet. Next we have the support at 1620. Ethereum bulls must hold these levels to avoid further declines, as failing towards hold 1620 exposes downside to 1560 followed by 1500-1480.
