4-Hour Analysis:
Big Picture: Ethereum’s consistent strength over 1075 resulted in a breakout above the falling channel resistance, sparking a fresh phase of excitement. However, price is currently trapped between the key 4-hour EMAs of 50 and 100. Both are critical for pricing and Ethereum’s next directional move. A breakout above EMA-100 is likely to trigger an even stronger upside while failure to break it next few attempts could invite partial profit-taking.
On the Upside the supply zone at 1270-1280 is now restraining the upside. Furthermore, this level is accompanied by the 4-hour EMA-100, making it much more difficult for price to surpass this resistance region. To push into the upper resistance zone, Ethereum would need to retain a hold above this supply level. At 1332 and 1423, the second wave of resistance is seen. These major hurdles need to be reclaimed before Eth can see further upside.
On the Downside EMA-50 still serves as a strong support level. Currently trading at 1185 level. Just below that we have a strong horizontal support level at 1175 following that we have 1075. These are strong support levels, however losing 1075 could be a short-term setback for bulls who are then likely to be exposed towards 1015-1000 level once more.
