4-Hour Analysis:
Big Picture: Ethereum has not yet seized the lead and is now trailing Bitcoin in terms of strength. For the past few months, Ethereum has been at the top of the leaderboard, outperforming Bitcoin. For the last few weeks, it has been trapped in a narrow range of 1280-1380. As long as the price remains inside this range, Ethereum will generate swings on both sides and stay choppy overall. To draw bullish excitement, Ethereum must maintain dominance above 1425 level.
On the Upside price was put under pressure by the EMA-100 at 1360. There are several operating resistances in the 1360-1380 range. Ethereum has recently struggled to surpass these levels. Furthermore, stronghold above these levels is necessary to expand the upside to into 1425. Reclaiming 1425, on the other hand, opens up a wide range initially between 1425 and 1525, with the potential to target 1680.
On the Downside several intra-day supports have surfaced. The session’s initial support is restructured at 1332, followed by additional supports at 1315 and 1305. These intra-day support levels are anticipated to respond well towards tests. However, major support for Ethereum remains between 1280 and 1255. These breakout-based supports are still in place. Unless and until price begins to lose these, the downside risk is restricted.
