8-Hour Analysis:
Big Picture: Bulls have gathered intra-day strength once more in order to attempt a re-charge on higher levels. Ethereum can regain momentum and challenge even higher levels if it can break through the 1600 level initially and surpass the 1680 region and maintain stronghold above it for at least a convincing daily closing. However, failure to do so will almost certainly result in a head and shoulder pattern, indicating a reversal. A volatile session is predicted.
On the Upside price is expected to test the 1595-1600 region once again. This is a strong intra-day resistance level, and breaking it can strengthen the intra-day trend towards higher levels. Surpassing this level will most likely open the door to 1625 as the next resistance level, with the potential to open the key resistance of 1650-1680. Expect decent intra-day profit-taking if this region is tested. However, above 1700, there is massive untapped liquidity for Ethereum, which can be a price target.
On the Downside yesterday, the 1525-1510 region provided solid support. Initial support for the session has been restored at 1565. However, losing this will re-expose the price to the 1525-1510 region. Multiple tests of this level in quick succession are likely to weaken it, sending the price even lower towards 1490-1480. Both horizontal and EMA-based supports are present here.
