4-Hour Analysis:
Big Picture: Ethereum has been hanging on a critical level as trendline support gets repeatedly challenged. Multiple tests on a critical level weaken it. As a result, bulls should move in and protect this level for time is running out. This level is under significant pressure and breaching it could trigger a panic sell-off which would then target the CME Gap. While Strength above 1820, on the other hand, would tilt the balance heavily in favor of bulls.
On the Upside Ethereum is now facing difficulties between 1640 and 1650. A significant horizontal resistance and the presence of EMA-50 occupy this level. Breaking this would enable for a re-test of the 1680-1700 range. Ethereum must acquire acceptability above this level in order to restore strength. If this is accomplished, it may reopen the path to 1790-1820.
On the Downside if the bulls do not seize control in the next few hours, the chances of another sell-off rise dramatically. Trendline support at 1560 continues to provide initial assistance. This will be a crucial support to maintain because losing it will reopen 1510 and 1450-1425. If pricing begins to go below 1425, a drop towards the CME Gap around 1320-1250 is possible.
