4-Hour Analysis:
Big Picture: Ethereum still struggling to find some grip over the trend. For the previous several trading sessions, it has been choppy and indecisive. Furthermore, the price is beginning to contract inside a shorter range, indicating that a breakout is approaching. Currently, the trend favors bears, who must breach the range low supports to maintain this pressure. Failure to do so in the following sessions may result in exhaustion and the start of a short-term corrective cycle.
On the Upside Eth has many significant resistances that have capped the upside. The 4-hour EMA-100 provides first resistance at 1885. This level has recently proven to be a significant barrier for Eth to overcome. Following that, there is a strong horizontal resistance at 1915 followed by declining channel resistance at 1970.
On the Downside the early support is observed between 1780 and 1760. Then comes the range lows support at 1720-1700. This is a critical level for Eth to maintain in order to avoid any future hyperselling events. Loss of this support would be a significant blow for bulls, who would then be exposed towards 1580, followed by 1415 and 1290.
