ETH – “Pressure Building-Up”

4-Hour Analysis:

Big Picture: Ethereum is currently consolidating below the 1915 critical resistance level. It has been unable to produce any more signs of strength. Furthermore, Ethereum is running out of time, as failure to reclaim the 1915 level may prompt an aggressive round of profit-taking, exposing prices to lower support levels in the coming sessions.

On the Upside this level has been holding up for the previous couple of hours. After that, the next level of resistance is observed in 2015. Furthermore, Ethereum has a number of intra-day levels between 2015 and 2165 that will provide substantial challenges. Once Ethereum achieves acceptance over 2165, it has the potential to move to 2300-2400 in sessions to come.

On the Downside 1880 continues to remain a solid intra-day support. It has further assistance by the EMA-50 at this level. Furthermore, a significant trendline is quickly catching up to this level, which remains an important level. With numerous supports now in place, the supports at 1180-1865 remain key, as breaching these would be a bearish indication, exposing Ethereum towards 1820-1800. This region is anticipated to serve as the day’s second support region. If this is lost, the decline will likely accelerate and reveal further downside around 1725.