ETH-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Ethereum took immense support from the psychological level. This was mentioned as a critical support level for Ethereum. The reaction was initially significant, but it was unable to break through the 1075 level. For any confirmation of support, Ethereum must show additional strength and retake both 1075 and EMA-50. Expecting a volatile session, furthermore, a sustained hold below the psychological level may jeopardies the recovery process.

The Upside remains same with the initial resistance level at 1075. The next degree of resistance is located between 1150 and 1170. To reestablish bullish momentum, bulls must retake control of this level. Unless and until this occurs, the pressure towards the downside will most likely remain. However, a stronghold above 1170 will clear the way for a re-test of the EMA-100 and possibly a return to the supply zone at 1250-1280.

On the Downside currently receiving massive support at the 1018 level and psychological support at the 1000 level. Both of them are excellent supports. If these levels hold, another round of short-coverings could follow. However, losing these supports might be a setback for bulls, causing Ethereum to fall back into the triple digits, initially targeting 960 followed 930, and finally the recent lows.