2-Hour Analysis:
Big Picture: Since yesterday, Ethereum has been consolidating below the intraday resistance level. Multiple resistances have been preventing price from attempting another surge. However, if Ethereum can convert this resistance into support, another impulsive rise lies ahead it. Failure to exceed this, on the other hand, may compel intra-day profit-taking once more. Hence aggressive risk management is advised.
On the Upside For a few hours now, Ethereum has been challenging the 1220 level. There have been no aggressive efforts to break this level as of yet. Buyers will need more force and momentum to break through this level. Surpassing this takes prices next towards 1240 initially followed by 1255, and potentially eventually into the congestion zone, which is located between 1280 and 1300.
On the Downside the initial support levels for Ethereum are 1200 and 1190. These supports are Fibonacci levels and may respond favorably to re-tests. Ethereum’s major supports remain in the 1170-1165 range. As long as these supports hold, the short-term trend will continue to favor buyers. If this is lost, Ethereum will be exposed once more to the 1075 support level.
