ETH-“Strength Persists”

4-Hour Analysis:

Big Picture: Ethereum remains strong and is not allowing a major correction to occur. This indicates that buyers are not yet finished and want to drive prices further higher. However, with many important resistances above, the upside drive may be unsustainable unless it overcomes and maintains a stronghold above the 1700 mark. Fresh entrants are still at risk of being cut in the middle and should, preferably, wait for the lower support levels to act upon.

On the Upside Price is attempting to break through the 1600 level once more. If the break through is successful, prices will go towards the supply level at 1645-1680, followed by the previous range low around 1700. Both of these levels represent important price barriers. As a result, profit-taking cannot be ruled out at these levels. To confirm any breach over these levels, Ethereum would need at least two consecutive daily closes above 1700, paving the door for 1860, followed by 1955.

On the Downside 1480 and 1465 will remain strong support for the session. The next levels of support are at 1425 and 1335. Here, the primary trend driving EMAs links up with strong horizontal levels to establish a support region. If these supports are breached, the price might prolong its re-testing and drop towards 1250 and 1190.