ETC – “Holding 3k level favors Bulls”

4-Hour Analysis:

Big Picture:  ETH also remained Ranged over the day. It looks likely that ETH will tap the major resistance around 3400. This level remains the last test for Bulls climb above it would put ETH back into driving seat with set established targets around 3780-3830. On contrary if intra-day rejection is observed then we are likely to re-visit 3150 followed by 3000 level which is likely to act as an immense support now.

On Upside, ETH managed to close above EMA-50 Daily at 3180. Going forward expect first intra-day resistance to be seen around 3270. However a clean break above this lead towards 3400 level where multiple strong resistance are seen.

On the Downside, First intra-day support is observed at 3170. A break below this leads towards 3050 and eventually 3000 level. These levels are likely to act as strong supports and potentially bottom for the day. If these levels hold on re-test then it will be paving path for a much smoother rally on the upside. However persistent hold below 3k would be a sign of weakness. For bears they need to break below 2800 to regain full control of the trend once more and expose ETH towards 2500 followed by 2300 initially.