4-Hour Analysis:
Big Picture: While Ethereum maintains its significant breakthrough supports, it has also been influenced by persisted ongoing profit-taking in recent days. However, in lower time frames, a possible bullish pattern is emerging, which could present the pair with fresh momentum while allowing for the retesting of the recent highs.
On the Upside yesterday’s session saw a sharp rise as Ethereum surpassed 2550, taking the price towards 2580 to 2590 levels. Despite their considerable strength, bulls were unable to make a strong convincing close over this level, putting price under pressure once again. Ethereum would reaffirm its strength over 2590 for the next milestones of 2650 and 2720 levels.
On the Downside a handful of supports are currently appearing at 2535 to 2520 levels. Holding this range will benefit the bulls in the near term. The lower-time frame pattern is extremely possible as long as this range holds. Meanwhile, below 2520, the next support is at 2505. Additionally, the EMA-50 is currently only a few points below this level, contributing to the level. If sellers are able to push the price below the EMA-50 mark, Ethereum will likely experience some selling pressure.
