2-Hour Analysis:
Big Picture: When the price of Ethereum began to rise above the 1300 level, it experienced a significant surge. It was mentioned in a previous report that Ethereum’s structure was pointing to an upside expansion if 1300 was cleared. Moving forward, a big level has been breached and is re-establishing itself as support. This is a great development for the overall market activity, but circumstances might improve even more if Ethereum begins to sustain above the 1350 level. Returning below 1280, on the other hand, carries a considerable chance of wiping out all recent gains.
On the Upside Ethereum is currently facing similar significant resistances around 1340 to 1350 levels. This level has likewise been unbroken for the past 35 trading sessions and counting. Buyers will need to be equally strong to overcome it. Surpassing and establishing acceptance over this level would propel Ethereum towards 1385 to 1425 levels.
On the Downside the preceding congestion zone is currently providing initial support. Holding this zone will maintain the short-term upward momentum. Ethereum is expected to re-test these levels in the coming hours, therefore keeping it is critical. A strong reaction to this will keep the downside under control, but if it is lost, profit-taking could intensify back towards 1265 to 1260 levels, and possibly lower into 1245 to 1240 levels.
