4-Hour Analysis:
Big Picture: The low range reacts once again and channels a strong bounce. For the previous few trading sessions, Ethereum has been channeling between 1915 and 2145. These ranges have been highly distinct and comfortable to trade. Currently, this sideways resembles an accumulation or re-distribution phase. However, the direction of the breakout will serve as confirmation.
On Upside Eth is now encountering resistance from the EMA-50 level, which is currently located at 2020. This level serves as the day’s initial resistance. The next level of resistance is 2080, followed by the major barrier at 2110-2145. Since these levels have been the major resistance levels since May 11th, a break above them is essential to open the door to further upside. If that happens, Eth would most certainly reach 2220 initially, then 2315, and finally 2390. Remember that this ride is likely to be turbulent due to multiple untested territories.
On the Downside 1950 and 1915 once more act as a strong wall of defense for Eth. These levels have been solid range lows for a few weeks now. Holding them longer will be a very strong push towards better sentiment. However if Eth loses these supports then further downside is expected initially towards 1880 followed by 1820 and eventually into the higher time-frame range lows of 1720-1700.
