4-Hour Analysis:
Big Picture: Ethereum held onto the range lows, triggering a fresh wave of range reversal into higher levels. It is currently edging closer to the range highs, which also serve as the supply level. Price is expected to decelerate upon testing this level, but in order to expand the range and generate further short-term excitement, acceptance above this congestion is essential. To offset the remaining pressure, price should ideally consolidate above 1280.
On the Upside the strongest resistance for the day is situated around 1250 and 1280. This range has now lasted for 32 trading sessions, making it a formidable barrier to overcome. Back-to-back daily closings are preferred to confirm the range breach, although a couple 4-hour closings above will qualify. A successful break over 1280 leads towards 1345, which is then followed by 1425. However, breakout traders must be wary of fake-outs and wait for the above-mentioned confirmations.
On the Downside Multiple supports are being developed once more. The day’s initial support is evident at 1205. Following that, there are several supports between 1175 and 1145. These supports are likely to be effective throughout the day. However, breaking this leads back to 1110-1105, followed by 1075. Below these support lies the psychological support level.
