ETH – “Sell on Strength”

4-Hour Analysis:

Big Picture: Ethereum saw a squeeze after breaking over the intraday barrier mark. Price is currently attempting to build a hold above these resistances. However, it still faces significant problems because a few critical levels remain. Overall, the reactions continue to reflect a lack of price power, as important levels do not generate enough interest. As a result, a wait-and-see strategy is advised.

On the Upside Ethereum is attempting to establish a hold above 1700, but it is currently being blocked by the 4-hourly EMA-100 at 1715.50. If Ethereum can trade above this level, the rally will most likely continue towards 1740, followed by 1760. The next wave of resistance is seen around 1800 followed by 1840-1870.

On the Downside 1680-1655 to offer initial support. This is an important support resistance level. If Ethereum can manage to hold this level a little longer then further squeeze on the upside is likely. Losing this again will expose the market to 1610-1590 and may eventually re-open 1525, resulting in additional decline.