ETH – “Pressure Persists”

4-Hour Analysis:

Big Picture: Throughout the weekend, Ethereum was under intense pressure as the price drop persisted. Going forward, Ethereum is reaching important support levels, which have the potential to cause intra-day spikes if not a macro-reversal. Furthermore, price is now channeling between 50% and 61.8% Fibonacci retracements, which are supported by breakout-based supports. To recoup its momentum, Ethereum must respond favorably at these levels.

On the Upside 1455 level is being watched for initial resistance. Reclaiming this level will allow prices to reach the 1500 level once more. This level also corresponds to the declining trendline resistance. Price would need to break out above this falling trendline resistance to continue moving higher. Stronghold above this falling channel resistance would lead towards 1560-1600, followed by 1680.

On the Downside Ethereum has taken strong support from 1425. Not only that it has stopped further selling but also triggered a strong intra-day reversal. If Ethereum can continue to hold this level further higher levels are likely to be seen, however losing this will expose Ethereum next towards 1320 followed by 1250.