ETH-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Ethereum broke through the consolidation range, triggering the expansion phase. However, Ethereum is now once again stabilizing inside a narrow range of 1660-1470. This consolidation has been ongoing for the previous 6 trading sessions, indicating that price is actively developing either a re-accumulation or a distribution phase just below the key resistance. To begin the second phase of this recovery, Ethereum must get solid acceptance above the 1700 mark.

On the Upside as price struggles to close a candle above 1620, it is proving to be a critical resistance level. The next degree of resistance is observed at the supply level, followed by the 1700 level. Both of these thresholds are significant pricing barriers. As a result, a breakthrough above these levels is necessary in order to prolong the upside. To confirm a breach above these levels, Ethereum would require at least two consecutive daily closes above 1700, opening the door to 1860 initially, followed by 1955 and 2015.

On the Downside the key initial support levels remain at 1480 and 1465. For the previous seven trading sessions, this layer of support has served as key support. In addition, 1465 is now protected by 4-hourly EMA-50, making support even stronger. The next levels of support are at 1425 and 1335. If these supports are breached, the price might prolong its re-testing and drop towards 1250 and 1190.