4-Hour Analysis:
Big Picture: The previous session saw bulls in control as price reclaimed the important levels. Despite this, Ethereum is still not out of the woods and needs additional momentum to maintain this optimistic outlook for the near term. Ethereum is now confined to a sideways channel between 1280 and 1000. The next trend will be determined by a break on either side.
On the Upside Ethereum facing heat at the 1150-1170 range. This was identified as a key resistance level. This level is crucial since EMA-100 is present here, thus bulls must recover control of it in order to restore short-term bullish momentum. The trend may continue to be indecisive until this happens. A stronghold over 1170 will, however pave path for a re-test of supply zone once more at 1250-1280.
On the Downside initial support is visible around 1110-1105 levels. This level is also protected by 4-Hour based EMA-50. Following that the next levels of support are once more seen at 1118 and 1000 mark. However, losing these key supports could act as a real setback for bulls, causing Ethereum to fall back into the triple digits, initially targeting 960 followed 930, and finally the recent lows.
