8-Hour Analysis:
Big Picture: Overall, the market action remained choppy, but there was some improvement as stronger moves were observed around weekly closings. However, the volume is still dropping on a daily basis. This demonstrates that within this range, less and less engagement is being observed. As Ethereum breaks out of its minor range, volumes will improve. However, it may stay choppy and unpredictable until then.
On the Upside Ethereum broke through the congestion and re-targeted the upper range levels. It tested 1370-1380 levels and witnessed swift profit-taking once more. This indicates that supply is consistent at this high level. Ethereum would need to break over this level in order to be open to larger gains in upcoming sessions.
On the Downside even after being tried multiple times, the breakout-based support levels remain solid. Price has once again responded strongly to them, but unless there is a clear break above 1425, Ethereum may continue to test these levels. The session’s initial support is at 1315, followed by 1280-1255 once again. Below them, at 1220, there is another solid support.
