1-Hour Analysis:
Big Picture: As it approaches the 1000 milestone, Ethereum is starting to honor lower-time frame structures. Going forward, a significant support level has been recaptured, and sustaining above this level will release additional short-coverings, perhaps returning Eth to the supply zone around 1270-1280. Any break of 1075 would be a dangerous sign, with Bears once again eyeing the 1000 level and pulling Eth towards the higher time-frame demand zone of 850-790.
On the Upside the first degree of resistance is noticed around 1160 followed by 1200. This is where hourly EMA 32 and 50 are seen. Following that we have the supply zone at 1270-1280 level. Ethereum would need to reclaim this level to target upper resistances. The next wave of resistance is seen between 1332 and 1423. These forthcoming barriers would need to be regained for Eth to open up any additional upside.
On the Downside Eth has an initial support level at 1075. Following that, the following level of supports are crucial for the next trend direction. Following that is a psychological support level of 1000, followed by a strong demand zone of 850-790. Eth must react strongly of these lows if tested.
