4-Hour Analysis:
Big Picture: The corrective rally initiated nearly off our mentioned weekly support levels. As the price reclaimed the psychological support level of 1000, recovery went even sharper. As a result, the price has recovered significantly off the lows and indicators have been cooled off. Going forward fresh entrants shall wait for the re-test of supports or reclaims of higher key levels to position themselves. For Eth reclaiming 1135 is a good sign and the stronghold above this opens the next level at 1280.
On the Upside the EMA-50 at 1176 provides first resistance. This EMA has not been recovered for more than a few days since early April. As a result, in order to offset the huge selling pressure, Eth must retake and strengthen above this important level. Following that, we have the supply zone about 1270-1280 as the next point of resistance. To reach the top resistance zone, Ethereum would need to maintain a stronghold above this supply level. In both 1332 and 1423, there is a second wave of resistance. These upcoming obstacles must be overcome for Eth to open any further upside.
On the Downside initial support is seen at 1135 followed by the 1075 level. Maintaining this support is critical for Eth to move higher. If this level is breached, Eth is expected to be exposed again around the 1015-1000 level, perhaps could also re-visit the previous lows.
