ETH – “Pressure Persists”

4-Hour Analysis:

Big Picture: Ethereum is staying within the channel as it seeks support from the lower trendlines. It is an ascending channel, and as long as Ethereum reacts to it, the overall direction will be upwards. However, if this channel is lost, Ethereum will be dragged from aggressive bullish territory towards bullish to neutral territory. Ethereum has multiple strong supports and resistance on each side and may become volatile in the process.

On the Upside Ethereum has a new resistance level at 1870. Since the previous week, this level has been a huge support. This level has now become a strong resistance for the day. Ethereum will struggle to overcome this barrier. A successful reclaim will reopen the upside towards 1915, followed by 2015. There is a significant amount of intra-day resistances between 2015 and 2165, which can prompt aggressive profit-taking, making this region highly congested.

On the Downside Price has been holding into current trend as it approaches trendline support at 1830. This trendline continues to show a favorable response upon test. This will continue to provide the day’s initial support. Losing this support will be a blow for the bulls, exposing them into 1805 and further towards 1725.