4-Hour Analysis:
Big Picture: Ethereum remains highly volatile between the ranges. It remains as one of the stronger coins as it continues to hold onto its bullish structure. The previous breakout was deemed as a fakeout, now going forward the ranges still remain effective between 1680-1425. The volatility is expected to persist till either side is breached.
On the Upside Ethereum regained control of 1540, resulting in re-tests of higher levels. At the moment, first resistance is apparent at 1640. The crucial level for a breakthrough, though, is 1680. This level had earlier breached, but the price was unable to establish a stronghold above it, prompting aggressive profit-taking. As a result, any breakout over 1680 would require a stronghold above in order to sustain price above 1680. If 1680 is successfully broken, 1720, 1740, and 1780 are expected to follow.
On the Downside the EMA-200 has been regained and will act as the initial support level at 1598, followed by trendline support around 1560. If these levels are breached again, the price will be headed for 1510. Below this the next supports are at 1425-1390.
