4-Hour Analysis:
Big Picture: Ethereum tested intraday support levels and successfully rebounded off them. The previous mini-distribution levels are now being re-tested. Acceptance back into this range would enable a move towards higher levels and potentially towards the supply region, however rejection would define a course of additional decline for the price, initially targeting 1380-1280 followed by lower support levels.
On the Upside at 1480, there is significant resistance. This level has acted as a critical support level since last week, limiting many intraday sell-offs. This level, however, will now be a big hurdle for the price to overcome. The upside is restricted until Ethereum reclaims this level; nevertheless, a successful recapture would open the door for a test of 1620, followed by a challenge of Supply and the previous range-low at 1660-1700.
On the Downside The horizontal and EMA-200 support levels at 1385 stopped the downside and launched a strong intraday reversal back towards intraday resistance levels. This level is anticipated to remain a solid support level throughout the session. If this crucial support level is lost, Ethereum will be exposed to lower supports in the 1320 region. Both of these supports around 1385 and 1320 are fairly solid, but if they are broken, the price may extend its re-testing and drop towards 1250 and 1190 next.
