3-Day Analysis:
Big Picture: ETH is moving in a converging triangle that is growing tighter and tighter, indicating that a breakout is on the horizon. However, unless a breakout is witnessed, the choppy price action between 3038-2350 levels is likely to continue. Furthermore, the EMA-24 is a strong trend driver against ETH. If ETH can convert this EMA resistance into support, it will be the first good indication for the bulls.
On Upside, The first resistance level is noted at 2630, followed by secondary resistance between 2700 and 2750. To aim more upside between 2830 and 2900, ETH must move over this level with strength. However 2830-2900 levels are expected to limit further upside for the day.
Downside Major intra-day support is seen at 2510 level. This level has previously served as support, but a break below it is expected to put 3480 into play, followed by the main support levels of 2380-2350. These levels are protected by key confluences, making it a significant support for ETH. However if price starts breaking these levels then we are likely to see a steeper fall towards 2150 initially.
