8-Hour Analysis:
Big Picture: Ethereum made an explosive breakthrough, resulting in a significant price increase. It was simply mentioned that this prolonged consolidation would result in a significant impulse whenever the price breaks through the range. Buyers won the race by knocking out the 1425 level, therefore the breakout remained bullish. Having said that, it is still critical for price to stay at strength for at least another session in order to establish deeper sustainable momentum. Any fake-outs here would put buyers in a challenging circumstances. It is suggested to take little profits along the way.
On the Upside Ethereum is presently aiming for the 1600 level, followed by the 1650-1680 level of resistance. However, the initial resistance level of 1600 will be a challenge for Ethereum and will most likely provoke some profit-taking, but the above level of 1650-1680 will be an even more difficult barrier to overcome. If these levels are tested, it is advised to take aggressive profits.
On the Downside there are several intra-day supports in place. The session has garnered initial support at 1480. Following this is the next support is at 1420 in the shape of EMA-200 and breakout based supports. These are exceptionally strong session supports that are likely to limit any price re-tests.
