4-Hour Analysis:
Big Picture: Ethereum survives the initial re-test of the daily EMA-50 level. This is a positive development for the bulls, however more effort are needed to maintain this short-term momentum. Additionally, another possibly good development is taking shape in the form of a probable golden cross. The previous golden cross formation was relatively brief, but if it occurs successfully this time, Ethereum might be in for a solid short-term run to the upside.
On the Upside Price is consolidating below the higher time frame congestion zone. This zone extends from 1280 to 1300 levels. For over two months, Ethereum has been unable to create any sustainable strength above this area. Price attempted and failed to break through above this zone twice. Ethereum is once again pushing this zone and will require sustained acceptance above this range to be open to further highs. Surpassing the 1300 mark will take Ethereum next towards 1320, followed by 1350 levels. This is another massive obstacle that has been unbroken for over two months.
On the Downside the daily EMA-50 at 1247 is still serving as an initial support level. Holding this EMA will be highly helpful for the continuation of the trend; but, if price falls below this level, it may re-test the previous breakout level at 1230-1220. This area is also shielded by a number of supports. As long as Ethereum maintains these supports, the short-term trend stays optimistic. Breach of these supports will return Ethereum to a neutral domain.
