ETH-“Range Lows Key”

4-Hour Analysis:

Big Picture: The upside resistances were too powerful for the bulls to break just yet. After several attempts, the momentum faded, triggering a round of profit-taking that has sent Eth down to lower support levels. Going forward, the weakness in Eth remains, as each upside is met with a firm rejections. Eth must maintain the range lows in order to avoid any additional sell-offs and consolidate here for a while before beginning the expansion phase. For there to be any sustained excitement, Eth must break the 2000 threshold.

On the Upside the initial resistance level is 1840, followed by 1915 and 2000. To counteract selling pressure, Eth must break and hold above the 2000 level. This would allow Eth to reach greater levels in the 2080s, followed by 2150-2220. Unless the 2000 mark is held strong, each upside will be an opportunity to sell on strength.

On the Downside Eth is now holding support at 1800-1760. We have a vital support of Higher Time-Frame range lows below that. This support is located between 1720 and 1700. This is critical support to maintain; failure to do so will trigger another strong selling spree, sending Eth down towards 1450, followed by 1290.