4-Hour Analysis:
Big Picture: Ethereum earlier showed greater resolve, but it was said that present conditions need sufficient confirmations. The spike in Ethereum turned shown to be a fake when it fell below the EMA-200 level. This was a critical level to maintain in order to remain under strength and continue its upward progress. Going forward its becoming extremely volatile for Ethereum as it ranges between 1680-1425. The next trending move will be defined by a breach of any of these levels.
On the Upside the initial resistance is observed at 1520. If Ethereum rises over this level, a minor advance towards 1540 is likely. If the price is to continue rising, this will be an essential level to break. Unless and until that happens, the upside will be limited to these levels. However, strength over these levels would lead to 1580, followed by 1620.
On the Downside 1510 has established itself as the first level of support. If this is lost, Ethereum will be exposed to support levels of 1425-1390. These supports are likely to cause considerable short-covering, which could result in a partial bounce.
