ETH – “Approaching Major Resistances”

4-Hour Analysis:

Big Picture: Sideways session was observed yesterday where neither bulls nor bears made the move. However fresh volatility is likely to step in now as a major level is approaching. Usually at such levels manipulative price actions are observed for liquidity grabbing. Traders are advised to be cautious.

On Upside 2800 is acting as a strong resistance which is limiting the upside. However a break above this opens the zone between 2840-2880 which is 4-H based supply zone that could trigger profit taking. However, break and stronghold above this would open doors for 2920 followed by Daily Range Mid-Point at 3000. This yet remains to be a key resistance and decisive level for ETH overall direction.

On the Downside, first intra-day support is seen around 2650 level followed by 2540. However losing this support would mean that ETH is likely to revisit 2380 followed by 2320-2280. This zone is a good area to look for Dip buying.