4-Hour Analysis:
Big Picture: Ethereum bulls once again took possession of the trend and initiated another strong surge to the upside. Price is still printing higher highs and lower low formation, but momentum indicators are failing to make new highs, indicating a dissonance between price and indications. Ethereum can still continue its upward trajectory, but it has reached a number of macro-level resistances, which may induce strong profit-taking. Profit-taking is recommended on strength with aggressive risk management.
On the Upside Ethereum has reached its first major resistance level at 1920. The level is currently preventing further aggressiveness, although bulls have done well to offset any possible profit-taking event thus far. This indicates that bulls are hunting for greater peaks in the coming sessions. The next degree of resistance is evident at the 2000 mark, followed by the 2015 level. Breaking through these levels would send Ethereum towards 2135, where the Daily EMA-200 is present.
On the Downside price has made certain fresh supports on its way up. The first traces of support for the session appear in 1820, followed by 1780. Since these are the lower time-frame breakout zones, a re-test of these levels could result in a positive reaction. However next wave of supports are seen at 1720 and 1680-1660.
