4-Hour Analysis:
Big Picture: Ethereum is still testing lower support levels and maintaining them very well. The successful re-testing of these supports will assist in the establishment of a strong foundation. Additionally, momentum is anticipated to return after Ethereum establishes a foothold above 1175, clearing the way for the second stage of the corrective reversal.
On the Upside initial resistance is still seen at 1135 once more, followed by the EMA-50 at 1145. This EMA holds key importance for price recovery. Since early April, it has not been recovered for more than a few days. As a result, in order to counteract the massive selling pressure, Eth must reclaim and strengthen above this critical level. Following that, the supply zone around 1270-1280 serves as the next point of resistance. Ethereum would need to maintain a grip above this supply level in order to approach the upper resistance zone. The second wave of resistance is seen at 1332 and 1423. These impending challenges must be addressed before Eth may see any additional upside.
On the Downside the 1075 level has been reclaimed, restoring its support. If this level is breached, Eth will be exposed to levels between 1015 and 1000. Holding these supports will be essential to sustaining this recovery, as losing them will expose Eth back to recent lows.
