2-Hour Analysis:
Big Picture: Ethereum broke through the aggressive trendline, resulting in heavy intraday selling. Unless Ethereum finds sustained acceptability above the 1300 mark, the selling pressure will continue to retune and cause issues. Unless and until it occurs, each upward will be sold off, and overall price movement will be choppy.
On the Upside previous support levels of 1205-1210 may now function as opening resistances. The next resistance levels above these are 1220 and 1230. Both of these levels have effectively capped Ethereum’s upward potential. A push back into recent highs is quite improbable until Ethereum regain control above this level.
On the Downside the levels 1190-1180 are now giving extremely strong support for Ethereum. These were identified as decent intra-day support levels and have performed well so far. Furthermore, a possible trendline is forming at these levels, which will contribute to Ethereum’s support. However, if 1180 is violated, another fast drop into 1150 and below is possible.
