ETH-“Slow-Down Underway”

4-Hour Analysis:

Big Picture: Price action is slowing as momentum fades after achieving a number of objectives. Ethereum is presently consolidating thinly inside a constrained range with highly uncertain direction. Having said that, the bulls on the higher time frame still have the upper hand as long as price remains above the breakout support levels.

On the Upside Ethereum has been encountering resistance at the 2550 mark during the previous few hours. This intra-day barrier has limited the price inside a narrow upward range. Ethereum’s upside will extend back towards 2580 – 2590 levels once the momentum is strong enough to overcome this obstacle. Meanwhile, above 2590, the next upside levels are 2650 and 2720 all over again.

On the Downside minor supports are found at the 2520 to 2505 levels. These are the primary supports for the session; however, the next support is at 2485 in the form of EMA support. The EMA-50 had held the previous selling round and would continue to play an important role in the current session. However, a breakdown of this support exposes 2470 as the next level, followed by the 2450 to 2430 area.