4-Hour Analysis:
Big Picture: Ethereum is consolidating beneath a critical resistance level. It would need to recover this level before re-testing higher levels. However, if bears can breach below the 1520 level, another sell-off into lower supports is likely. Ethereum may be aiming for the unfilled CME Gap around 1333-1266, which also serves as the breakout re-test level. Strength over 1870 negates off the selling pressure and leads to higher milestones.
On the Upside the initial resistance level has been established at 1630, followed by the 1680-1700 region. This was a significant level of support that is now likely to provide strong opposition. Ethereum need solid strength over 1700 to propel itself further towards higher levels, which are at 1760, 1800, and 1870. Remember that unless strength above 1870 is confirmed, these levels will only be considered bearish re-tests.
On the Downside 1550-1520 continues to serve as strong support as they hold prices. However, if these supports are lost, the lower support levels at 1425 and 1365 would become exposed. Upon test, expecting strong rounds of short-coverings and could potentially call upon fresh-buying as well.
