ETH – “Re-Tests Crucial”

8-Hour Analysis:

Big Picture: Ethereum had another outstanding session, which was heavily dominated by the buyers. Price remained bullish and climbed as high as 1595 before giving way to profit-taking. Ethereum almost broke the target levels. It is still holding strong, and any pullbacks into breakout supports could entice new buyers.

On the Upside Ethereum is likely to face initial resistance between 1595 and 1600. This will be a critical level to break if the price is to maintain its bullish momentum. However, the lower time frames currently suggests a much-needed breather. Above 1600, the next levels of resistance are seen at 1650-1680. If these levels are tested, expect aggressive profit-taking.

On the Downside the session’s initial support remains at 1500, followed by 1465. These are acceptable intra-day support levels that will provide appropriate response upon tests. However, the key support for the session remains in the 1440-1420 range. The EMA-200 and breakout-based supports are located in this region. Sustaining this level will completely favor bulls.