4-Hour Analysis:
Big Picture: For the previous month, Ethereum has remained extremely sideways inside a 200-point range. Furthermore, this range has shrunk even further and now sits between 100 and 130 points. However, the fact that the volume is already significantly beginning to dry up indicates a lack of interest. A circumstance like this generally indicates an increased likelihood of range-break. A break below 1220 indicates a bearish breakout, while a break above 1410 suggests a bullish breakout.
On the Upside 1340 remained a massive barrier that prompted profit-taking. However, the initial resistance for the session is noted around 1315, followed by 1324. The 4-hourly MA-200 regulates this level. Buyers would have to get beyond this level to trigger waves of excitement. For the past 36 trading sessions, this MA-200 has not been regained. Strength over this can lead back towards the 1370-1380 range, followed by the 1390-1410 range levels, which are also range highs.
On The Downside Ethereum has just about hit the breakout-based supports at 1280. Price has once again reacted favorably to these support levels. There has also been the addition of supports at 1250 and 1220. This 1220 support level is critical in keeping aggressive sellers at bay. A breach below this level may swiftly expose the price down to 1190, followed by 1130-1070.
