Big Picture: As expected, the session was dominated by intraday profit-taking. Ethereum needs to re-test lower supports and generate a positive and strong reaction in order to invoke another wave of corrective phase that can target higher levels in upcoming sessions. However, price activity may be disrupted due to Thanksgiving. As a result, unless there is a strong reaction from supports or the price returns above 1230, it is advisable to continue with wait and watch approach.
On the Upside around 1220 to 1230, Ethereum felt heat. These intra-day resistances have not been broken in over a week, and previous rejections of these resistances resulted in the previous bloodbath. As a result, these resistances are crucial for Ethereum. The upside will remain limited unless these are flipped. Surpassing these can propel Ethereum towards 1250, then 1280.
On the Downside the supports between 1170 and 1190 continue to provide good intraday support for Ethereum. The horizontal supports are still in place, but the dynamic support has been breached. This is a somewhat concerning price development. Furthermore, buyers must step up to hold price against these supports, as any buildup of pressure can expose price to lower supports around 1145, followed by 1130. These two supports are 50% and 61.8% Fibonacci retracements, respectively.