4-Hour Analysis:
Big Picture: Ethereum broke over intraday resistance levels, but it was unable to generate much enthusiasm since the surge was sparked by aggressive short-covering rather than buying pressure. It was lately highlighted that price was having difficulty following-on around crucial levels. Going forward, Ethereum is still re-testing major supports, and maintaining these levels for an extended period of time could develop fresh interest. If that fails to materialize, another continuation leg to the downside is more likely, with a focus on the 0.618 Fibonacci level.
On the Upside the 4-hourly EMA strongly opposed Ethereum’s effort to establish a foothold over 1700. Ethereum is once again encountering intraday resistance between 1680 and 1700, followed by the EMA-100 around 1710. Bulls would need to restore momentum above these levels in order to reach higher levels at 1740-1760, followed by additional highs around 1800 and 1840-1870.
On the Downside supports at1610-1590 are likely to be re-tested as Ethereum failed to generate momentum above 1700. Holding them will keep Ethereum ranging between 1700-1600, however losing these supports will re-open 1525 followed by potentially additional decline.
