8-Hour Analysis:
Big Picture: Ethereum has reclaimed a few important levels. This remains a positive development for the price; nevertheless, price acceptability over such levels is still required. Maintaining a solid hold on the recaptured levels will provide as confirmation. If this occurs, the price may continue to rise to the north, with targets in the 1350 to 1370-1380 zone. However, losing these regained levels will keep the overall circumstances choppy and uncertain.
On the Upside Ethereum touched 1340 and encountered intraday resistance. This is an strong resistance for the day. Following that, the next resistance levels are at 1350, followed by 1370-1380. These are the resistance levels where tremendous selling pressure is still exists. Recently, this range top has prevented the price from breaking through. At these levels, expect at least some profit-taking. However, Ethereum would need to clear this in order to advance to higher levels.
The Downside additional supports have been formed at 1319, where both the EMA-50 and the trendline provide support. Maintaining this level of support will provide a significant assist to the bulls, who will then most likely go for higher objectives. However, failure to retain them would expose Ethereum to 1280-1255 levels once more. This lower level has been holding for about a month now, with no daily candle closing below it. If it is tested, expect short-coverings.
