ETH-“Play the Range”

4-Hour Analysis:

Big Picture: Ethereum retested the range lows and found support off of them. For nearly a month, the ranges have been staying steady on both fronts. Holding the range lows would once again initiate a rise towards the range highs, however the price will have a rough path. Furthermore, in order to accelerate the advance, Ethereum should begin trading above the EMA-50.

On the Upside the 1110-1120 level showed significant resistance. The price increase was restrained from both horizontal resistance and the EMA-50 at this level. Ethereum must clear this level of barrier to move on to the next wave of resistance, which is expected to be around 1150-1175. These are the levels that Eth must reclaim in order to regain momentum in the short term. However, breaking over these intraday resistance levels leads to the congestion zone around 1250-1280.

On the Downside Ethereum has once again turned the 1075 level into support. As a result, anticipate initial intra-day support at this level. This level is currently holding well; but, if it is lost, price may be forced to test critical supports around 1118 and 1000. Multiple tests of this level will weaken it, but as long as bulls can hang onto the psychological support level, Ethereum is stable. Failure to keep the psychological support level, however, could expose Ethereum to recent lows once more.