4-Hour Analysis:
Big Picture: Ethereum’s bullish domination became apparent over the weekend, and in the early hours of the day, the price was able to achieve another 52-week high by crossing the $3100 level. However, volumes showed a negative divergence throughout the move, attaining one of their lowest levels compared to the last several days. This raises concerns about the health of the move and necessitates attentive risk management throughout the day.
On the Upside once the price was able to break over the 3030 resistance level, a bullish continuation occurred, dragging Ethereum towards the 3080 level at first, followed by 3120, where the intra-day profit-taking began. Once again, 3080 and 3120 will serve as the session’s beginning resistances. Above 3120, Ethereum’s next resistance levels are at 3190 and 3220.
On the Downside 3030 was previously a short-term resistance level, but it has the potential to become a support. Meanwhile, the next support is from the psychological level of 3000. This psychological support level almost coincides with the current trend driver EMA-32, which has been a key factor for the continuous momentum. Any pressure accumulation below this supportive EMA could accelerate the selling towards 2950 initially.
