4-Hour Analysis:
Big Picture: Ethereum continues to consolidate for another session. The general price activity has been rather indecisive, with neither buyers nor sellers stepping in to lead the charge. This situation has been persisting for more than a week, and a shift in events is expected soon. Price must establish acceptance above the 1425 level for bullish continuation, while pressure must build up below 1190 to induce further breakdowns.
On the Upside continues pressure has been seen by the 1340 resistance level. This level is occupied by a number of resistances that have made it tough for price to break through. To prolong the upside, the price must clear this barrier. Successfully doing so would take Ethereum next towards 1370-1380 range. This is yet another significant obstacle. Both of these zones have been limiting Ethereum’s progress. Above these levels, the next immediate range is 1425-1525, however momentum above 1525 can extend it all the way to 1680.
On the Downside Ethereum is maintaining its breakout-based support. This support region is still exhibiting no signs of exhaustion, but buyers must act quickly to keep it that way. Multiple tests in quick succession depletes the level. Meanwhile, the next levels of support below this level are at 1190 and 1120.
