2-Hour Analysis:
Big Picture: Similarly, Ethereum has been consolidating. It has been trapped in a similar tight range of about 15 points. Depending on the breakout, this consolidation is likely to trigger another higher squeeze or lower retest. Furthermore, the untapped liquidity on both sides of the range may drive price to target both sellers and buyers positions in the coming sessions.
The Upside remains unchanged, with Ethereum trading slightly below the 1220 mark. Massive resistance exists on lower-time frames between 1220 and 1230. Ethereum must first breach 1220 before attempting 1230 to 1240 levels. Above this, the next resistance is at 1255, followed by the 1280-1300 range.
On the Downside Price is now finding support in the 1210-1205 area. However, there is a lot of untapped liquidity on current ranges highs and lows. This keeps the downside risk open for Ethereum to at least target the 1200 and 1190 area levels. Strong Ethereum supports are currently being observed at 1170-1165 levels.
