4-Hour Analysis:
Big Picture: The breakout-based support area of Ethereum has been tested. The first reaction was predictable and sufficient, but price needs to go further before this can be considered a confirmed re-test. This is a high demand zone level that may ideally hold for a bit longer. Furthermore, holding this level is critical if Ethereum is to avoid weekly re-tests of lower supports, since losing these supports would open the lower range between 1280 and 1000. Furthermore, there is no bullish divergence on the 4-hourly time-frame, casting a shadow over this level. As a result, either a wait-and-see approach or proactive risk management is preferable here.
On the Upside the first resistance is evident between 1360 and 1380. However, there is significant congestion between 1425 and 1525, with several intra-day resistances in between. This area holds high supply, making it tough for Ethereum to surpass easily. Furthermore, the sellers will use this region as a selling opportunity. Getting above this zone, on the other hand, will be a significant milestone that will pave the path back towards 1680.
On the Downside 1320 has been reinstated as a support level. However, substantial supports continue to operate below this level between 1280 and 1255. Furthermore, any extended move will aim for the 1190 area.
