Big Picture: Ethereum is similarly developing a new range slightly above the breakout-based supports. This range will take effect between 2590 on the upside and 2480 on the downside. Ethereum is expected to trade inside this range before initiating its next strong move on either side. The lower time frame indicators are slowly pushing into the lower domain, indicating a decline in momentum for the pair.
On the Upside for Ethereum, 2590 is a critical S/R threshold. This level was recently tagged, which resulted in instant severe rejection. However, during the session, Ethereum faces first resistance at 2550, followed by levels ranging from 2580 to 2590. This level of 2590 will be critical in determining the next phase. Strong sustenance above it is expected to strive Ethereum for 2650 and 2720 levels initially.
On the Downside Ethereum is getting support from its primary support driver, the 4-hourly EMA-50, which is now at 2505 levels. This is also a horizontal based support level which will further boost this supports strength. Meanwhile below these levels, the next key support for Ethereum comes from the 50% Fibonacci levels of the current move which is at 2470 level. Holding this keeps the possibility of an AB=CD pattern intact.