8-Hour Analysis:
Big Picture: The intra-day strength of Ethereum was unable to hold and was quickly erased. Buyers had to establish and confirm strength above the regained levels in order for the aggressiveness to continue. However, Ethereum stays sideways between the 1280-1380 levels, with no significant movement. This sideway channel is 30 sessions old, so anytime a breakthrough occurs, a powerful and impulsive movement would be seen.
On the Upside the 1340 resistance level capped Ethereum. This was recognized as a significant challenge for the day. However, first resistance is found between 1917 and 1925. Furthermore, the 1340 level must be exceeded to prolong the upside. If this is accomplished, the upside will be extended initially to 1350, then to 1370-1380 levels. With a current maximum upside of 1425.
On The Downside Ethereum has virtually returned to the breakout-based supports at 1280. However, it remained wary of putting it to the test. This level between 1280-1255 is still extremely critical to keep since losing it on a daily closing basis can be a setback and may trigger a larger magnitude of selling pressure. Initially exposing price towards 1220, then 1190, and perhaps 1130-1070 range levels.
