4-Hour Analysis:
Big Picture: The volatile price action pattern persists. Another session with support provided by the breakout-based support level. Ethereum is now channeling between the mid-range, which remains a turbulent zone. To trend again, it must either rise above or fall below this range. Above 1425, there is a significant likelihood of promising developments, while breakdown below 1190 would keep pressure intact.
On the Upside Ethereum has been limited at 1340. This level has a significant horizontal area presence and overlaps with 4-Horuly EMA-50, making it a difficult level to overcome. This level must be exceeded in order to extend the upside. Failure to do so would keep upside at this level constrained. If this level is breached, Ethereum is expected to move towards the next resistance level of 1370-1380. This is yet another major hindrance. Both of these zones have been preventing Ethereum from gaining momentum. Above these levels, the next immediate range is 1425-1525, although it can stretch all the way to 1680 if momentum is observed above 1525.
On the Downside Ethereum continues to hold to the breakout-based support. This level is still showing no symptoms of exhaustion, but buyers must move swiftly to keep it that way. Multiple tests in short succession weakens the level. Meanwhile, the next supports below this region are at 1190 and 1120.
