2-Hour Analysis:
Big Picture: On lower time frames, Ethereum developed another double bottom pattern, prompting a significant intra-day turnaround. After displaying many signs of weakness, Ethereum has rediscovered intraday strength once more. This strength is most likely a corrective upswing for the time being, with further space above. However, for the time being, any strength should best be utilized for profit-taking. Ethereum traders should focus on quick scalps.
On the Upside the 1220 resistance level is set to be tested by Ethereum. At this level, some profit-taking is recommended. If Ethereum can regain control of the 1220 level, it is likely to rise much higher and aim for the 1240 level next. Both of these levels now have substantial intra-day supply, making it difficult for prices to rise. However, the next resistance level is one of the important levels for Ethereum, and it is currently located between 1280 and 1300.
On the Downside the 1165 to 1170 levels held tight, preventing the price from sliding any lower. A late attempt to breach that level up was firmly resisted. The 1190 level is anticipated to provide first support for Ethereum. Below this price, there is support from 1170 to 1165. Unless this support is broken, the downside will be sheltered; nevertheless, breaching this support will expose Ethereum back to the 1075 level.
