2-Hour Analysis:
Big Picture: Ethereum is steadily moving up in a rising wedge pattern. The pattern generally suggests to bearish re-tests; however, to negate this pattern, price must rise above 1300 at the very least. Failure to demonstrate strength or offset the pattern may trigger another leg down, aiming to fulfil AB=CD objectives for Ethereum in the region of November’s lows.
On the Upside Ethereum is experiencing congestion between 1220 and 1230. This area experiences various intra-day horizontal resistances, as well as the 2-hourly EMA-200. If Ethereum can break through this congestion, it is projected to target 1240, then 1260, and possibly re-test the 1280 to 1300 zone, which is a 61.8% retracement level. This range will be extremely difficult for Ethereum to overcome.
On the Downside the 1210 and 1205 levels are now considerably more important. Precisely 1205 level as it is protected by many supports. Holding on to this is possibly important for Ethereum to avoid any bearish breakdowns. Breaking the lower trendline support could also trigger an intense intraday sell-off. Furthermore, losing 1205 exposes Ethereum to range levels of 1190 to 1180 initially, with further downside possibilities open towards 1150.
