Big Picture: After breaking out of the previous congestion zone, Ethereum successfully reached the important upside targets of 2650 and 2720. The bulls were aggressive, but after hitting important levels, the price has moved sideways and into an intra-day corrective zone. Although price is still successfully holding well above the breakout levels and perhaps forming a falling wedge formation.
On the Upside the first hurdle is at 2550. Above this level, the next level of vital resistance is between 2580 to 2590. These are the levels that the price needs to recapture in order to resume significant momentum. Price acceptance over 2590 sets up the upside towards 2650 and 2720 levels.
On the Downside price fell below the 2520 level and nearly reached 2450 levels before recovering. The 4-hourly hourly EMA-50 not only halted the corrective cycle but is now pushing for a robust recovery as well. The 2520 level has been re-established as a support level, with the EMA-50 providing protection at 2475, followed by levels from 2450 to 2430.