ETH-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Ethereum broke through the mini-consolidation once again, indicating that the price was in a distribution phase. This distribution, however, does not indicate immense pressure, but rather a corrective phase that may pave the way for lower support levels. Furthermore, before additional decline, a re-test of the range break could be observed. Rejection of which puts Ethereum on course towards 1380-1280.

On the Upside the initial resistance level is 1440, followed by 1480. Since last week, this level has served as a crucial support level, containing multiple intraday sell-offs. However, this level will now prove to be a significant barrier for the price to overcome. Unless Ethereum reclaims this level, the upside is limited; however, a successful recapture would clear the door for a test of 1620, followed by a challenge of Supply and the previous range-low at 1660-1700.

On the Downside price is closing towards intra-day support at 1385. This level is nearly protected by 4-hourly EMA-200 as well. This will be a strong and important intra-day support for Ethereum. Losing this exposes price towards lower support at 1320. If these supports are breached, the price might prolong its re-testing and drop towards 1250 and 1190 next.