Big Picture: Ethereum is working very hard to gain acceptance above the 1280 mark. Price is currently trading above this level, but additional confirmations are required. Buyers are in safe territory as long as they maintain above the 1170 region on daily closing sessions. Any re-testing of lower supports followed by positive bounces can be extremely beneficial for the next upswing leg.
On the Upside the 1270-1280 level has yet to be completely reclaimed. Further effort are still needed to establish that stronghold. Buyers currently have the upper hand, but 1280 must be converted into a support to confirm that strength. If this is achieved, the rally will be extended towards 1320, followed by 1340-1350. This is where decent profit-taking is most likely to occur.
On the Downside Strong supports are forming between 1260 and 1250 levels. These support levels shielded Ethereum for the duration of the previous session. Going forward, if price maintains these levels, the upside remains significantly more favorable. If these intra-day supports are breached, Ethereum may fall back to re-test the breakout levels in the 1235 to 1220 range. Furthermore, the price could fall a little lower until 1170, but holding it remains extremely important and critical.