4-Hour Analysis:
Big Picture: Another day of consolidation between the stuck ranges for Ethereum. It has significant resistance in the 1250-1280 level and strong support in the 1170-1150 range. Furthermore, there are crucial EMAs on each side of the horizontal S/R, making this range even more important. Going forward, a break above 1280 is expected to lead to more upside, while a break below 1150 is likely to open the door to a re-test of lower support levels.
The Upside remains same with the supply zone at 1250-1280, restraining the gains. 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.
On the Downside EMA-50 is still effectively acting as a good level of support. This is a wonderful development because EMA is beginning to demonstrate its support. Below the EMA, the next level of support is at 1170-1150, followed by 1075. Both of these levels are solid supports, but losing 1075 could be a short-term setback for bulls, who will then be exposed to the 1015-1000 level once more.
