ETH – “Volatile Sessions Expected”

4-Hour Analysis:

Big Picture: Ethereum tried a breakthrough but was immediately rejected. Furthermore, the breakout-based support was broken earlier, but price instantly reclaimed control above it. Weakness below this level is not a positive sign for the bulls since it opens the door for a further pullback. If a corrective pull-up is to be observed, bulls should hold off until these levels. Expect volatility to continue.

On the Upside 1320 has emerged as the day’s immediate resistance, followed by 1380. Ethereum is still faces massive congestion above these resistance levels, which ranges from 1425 to 1525. Ideally, a consolidation phase here would allow bulls to re-energize themselves before trying another breakout.

On the Downside the major support area between 1280 and 1255 has been challenged once more. Furthermore, sellers won since they broke it, even if just for a short period. This demonstrates that this support level has weakened over time and is no longer as powerful as it initially looked. Furthermore, below these supports, the next in line is still 1190, followed by 1120.