ETH-“Range Expansion”

4-Hour Analysis:

Big Picture: ETH is still trading in a narrow range of around $200. This range has been valid for over ten days. However, pricing is quite likely to experience range widening followed by a sustained directional move this week. A break above the range is likely to encourage higher targets in the following sessions, while a break below the range is likely to expose ETH to Higher Time-Frame range lows once more.

On Upside ETH is gradually approaching the key range resistance regions of 2110 and 2145. Since the 11th of May, there has been no follow on candle closing above these levels. As a result, these are very strong resistances that ETH must overcome in order to sustainably surge to the upside. However, ETH confronts a number of obstacles in this zone between 2145 and 2390. As a result, breaking 2145 is likely to open the door to more upside, but it may also be turbulent. Above 2145, the next level of resistance in the shape of the EMA-100, observed at 2180, which is expected to be the next resistive area. Above there, the next area of resistance is 2220, followed by 2315, and finally 2390.

On the Downside At 2040 and 2015, the EMA-50 and EMA-32 are significant initial support levels. Following them, 1950 is the next level of assistance, followed by 1915. Both of these areas are strongly supportive of price. Failure to hold these support levels exposes ETH to more decline, eventually exposing Range Lows.