2-Hour Analysis:
Big Picture: Over the weekend, buyers saw intraday profit-taking, but they were able to keep it to a limit. As the week began, buyers made another attempt at the 1280-1300 level. The strength has remained until now, but it has failed to surpass this level with any lasting success. Unless buyers gain acceptance above the 1280-1300 range, Ethereum’s upside is likely to be limited.
On the Upside congestion rises between 1280 to 1300 level. Ethereum has tested this intra-day level three times and has yet to close a candle above it. Surpassing this level is essential for extending the upside into the 1335-1350 range levels. At these levels, strong profit-taking is expected.
On the Downside the support levels remain unchanged at 1265 to 1255. At 1250, the 2-hourly EMA-200 is present. Ethereum has decent protection between these levels, but losing them would re-expose it to levels between 1235 and 1220. These are breakout-based levels that are critical to keeping the short-term trend bullish. As long as Ethereum trades above 1170, it is safe from any potential panic sell-offs.
