ETH – “Room for Upside”

4-Hour Analysis:

Big Picture: Ethereum’s price action has generally been sideways. It is currently challenging a few resistances in the 1370-1380 range. For the moment, there are no indications of exhaustion, but the sooner Ethereum overcomes these barriers, the stronger the momentum will be. Failure to surpass these levels, on the other hand, will keep Ethereum limited to the 1280-1380 range levels.

On the Upside Ethereum continues to face several challenges between the 1370-1380 zone. These resistances are guarded by powerful horizontal and trendline-based levels. Breaking these resistances could call upon a strong impulse to the upside targeting 1410 initially followed by 1425 region. This remains another critical milestone to recapture in order to turn the short-term trend aggressively bullish once again.

On the Downside the price is hovering around the EMA-100 level. Bulls would benefit from establishing a grip above this EMA. The session draws initial support at 1350, followed by 1330 and 1315. These intra-day supports would provide adequate support whenever tested. Furthermore, the days’ major supports remain around the 1280-1255 range.