4-Hour Analysis:
Big Picture: Ethereum performed admirably in a re-test of the 4-Hourly EMA-200, followed by a strong rebound. Further strength was witnessed as price broke through the distributive supply and returned to the range, eventually reaching the range highs. This move was previously highlighted; but, looking forward, the price is back in the congestion zone and would need to break through over 1700 to continue. Additionally, back-to-back daily candles are necessary to act as confirmation for the breakthrough.
On the Upside Ethereum is presently striving to establish a footing above the 1620 area. This is a good sign for the bulls, but they are not yet out of the woods. Price, on the other hand, trades below the congestion zone found between 1660 and 1700. This level remains a critical transition point for the price from bullish to strongly bullish. Maintaining above initiates another round of upside, with the first objective being 1840, followed by 1920.
On the Downside At 1620, look for intraday support. However, this level is not yet a very strong support, and breaching it might lead Ethereum back to strong supports. Following that, the next support level can be found around 1500-1480. As long as price remains above this, the short-term momentum favors bulls; but, failure to do so could open the door to another test of the EMA-200.
