ETH-“Profit-Taking Advised on Strengths”

4-Hour Analysis:

Big Picture: Ethereum tried to flee over the 1920 area and was met with immediate profit-taking, giving rise to a shooting star candle look-alike. This indicates that the price has reached its limit and that Ethereum requires a breather before further continuation. Price is now consolidating slightly below major resistance levels in the short term; any additional failed efforts might risk momentum and induce aggressive profit-taking. To keep things moving further on the upside, Ethereum must offset any possible profit-taking occurrences.

The Upside remains the same with first major resistance level at 1920. The level is currently preventing further aggressiveness. However, the next degree of resistance is evident at the 2000, followed by the 2015 level. Breaking through these levels would send Ethereum towards 2135, where the Daily EMA-200 is present.

On the Downside 1880 is offering initial support for the price. This level has been holding since yesterday. However, the next indications of support for the session occur 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. Additionally, further supports can be found at 1720 and 1680-1660.