ETH- “Adopt Profit-Taking on Highs”

4-Hour Analysis:

Big Picture: ETH breaking resistance one after the other. Still showing immense strength, however now it challenged by another key resistance of EMA-200 Daily. Going forward expecting next few sessions to be choppy and volatile unless ETH can clear the EMA-200 Daily level at 3145. Clearing this levels is likely to open further upside.

On Upside, immediate resistance is seen by EMA-200 daily at 3145. This is a key level that ETH needs to break and reclaim as a support. However, upon continuous resistance, we can observe partial profit-taking and if successful surpassed ETH is likely to extend the gains towards 3200 followed by 3300 next.

On Downside the initial intra-day support has been defined at 3052. This is where trendline support is being located. Lower supports levels are anticipated to be observed at 3000 and 2970 if trendline support breaks. These are intraday supports, with the biggest support level for ETH currently sitting around 2830. This level is a critical support level right now because it combines with a strong horizontal and EMA-based support level.