4-Hour Analysis:
Big Picture: Another session dominated by volatile price action. Volatility is being observed as a result of price indecision. Ethereum is still struggling to break above the congestion zone; it has broken through the falling channel resistance but need more efforts to completely dominate a control above 1700. On the contrary, several attempts to establish control over 1700 have already failed; as a consequence, further rejections could be devastating for the price, so, the sooner this level is seized, the higher the chances of a continuation to the upside.
On the Upside the immediate opposition continues at 1660-1680. This precise level has restricted the upside for the previous three trading sessions. The next important resistance level after that is at 1700. This is a major price level because of its historical importance. Bulls will need a stronghold above this level to restore control over sellers, and successful acceptance above this level opens the door to further gains, initially towards 1750-1770.
On the Downside 1620 has been a solid support level. Price attempted to break below this level but failed. This level, however, remains a significant support, but breaking this level paves the way to further downside towards 1560. This level, 1560, is now additionally protected by EMA-100, making it an even stronger support area. The next support level below this is the EMA-200 at 1495. This EMA will hold great importance as holding onto this EMA will guard against any further slippage, however losing this exposes Ethereum towards 1365 followed by 1250.
