ETH-“Profit-Taking still Advised”

4-Hour Analysis:

Big Picture: Ethereum was successful in neutralizing any profit-taking event, resulting in another upward surge. Furthermore, whenever Ethereum reaches a critical price goal, a big round of profit-taking happens. Such an action has gradually drained the move’s strength and momentum. Furthermore, indecisive to volatile price action can be seen at these levels.

On the Upside Once again, 1920 serves as the day’s initial resistance. The next point of resistance comes in 2015. As it hits these important levels, Ethereum is beginning to take significant profit-taking. Furthermore, there are multiple intra-day levels between 2015 and 2165 that will pose significant difficulties. Once Ethereum gains acceptability over 2165, it has the potential to rise towards 2300-2400 in the sessions to come.

On the Downside 1880 level provides the initial support. This level is now expected to be supported by EMA-50 as well. Making it a decent intra-day support level. The next supports for the session comes in at 1820, followed by 1780. These are untested demand zones, so positive reactions can occur. If these levels fail to act as support, Ethereum is expected to fall further towards 1680-1660 and can potentially go as low as 1470 before finding support.