1-Hour Analysis:
Big Picture: Ethereum respected the support level and provided a powerful rebound off of it. As long as this support level holds, intraday movements will favor bulls. Following a severe decline, Ethereum is presently trading just around a very strong potential support region. Price has a good probability of partially bottoming out here and triggering a corrective reversal into re-test zones.
The Upside remains same with the first level of resistance noticed around 1135 followed by 1175. This is where hourly EMA 32 and 50 are seen. Following that we have the supply zone at 1270-1280 level. Ethereum would need to reclaim this level to target upper resistances. The next wave of resistance is seen between 1332 and 1423. These forthcoming barriers would need to be regained for Eth to open up any additional upside.
On the Downside Eth has an initial support level at 1105 followed by 1075. Following that, the following level of supports are crucial for the next trend direction. Following that is a psychological support level of 1000, followed by a strong demand zone of 850-790. Eth must react strongly of these lows if tested.
