2-Hour Analysis:
Big Picture: Bulls have been very active in the 1280 range. Ethereum is currently holding this region very well, but it requires additional strength to completely overcome the remaining selling pressure around this level. The move should ideally take place as soon as possible now, otherwise there is a risk of losing intraday strength. In that case, Ethereum will retest lower supports before advancing further. Furthermore, as long as 1170 holds, the downside risk is kept in check.
On the Upside the congestion in the 1270-1280 range is still restraining the advance. If Ethereum is able to break through this barrier, it will move into the 1310 range, followed by the 1340-1350 range. Profit-taking is expected to be intense in this region. Fresh entry above 1350 could be risky, necessitating aggressive risk management.
On the Downside initial support is currently established between 1265 and 1255. The next supports are located between 1235 and 1220. This is a critical re-test-based support level. Holding this maintains the bullish short-term trend. Furthermore, as long as Ethereum remains above 1170, it isn’t under pressure. While pressure buildup below 1170 can once again expose recent lows.
