ETH- “Approaching Major Resistances”

1-Day Analysis:

Big Picture: ETH leading the partial relief rally. It is currently testing a major daily resistance zone between 2650-2750. It needs a clear break above this to test bears resolve at 3k level. However traders need to be cautious here as it’s entering the volatile region where Bulls and Bears are likely to go head to head with each other to regain the control.

On Upside first intra-day resistance is seen at 2800 followed by 2840-2880. The zone between 2840-2880 is 4-H based supply zone which could trigger profit taking. However, break and stronghold above this would open doors for 2920 followed by Daily Range Mid-Point at 3000. This remains to be a key resistance and decisive level for ETH overall direction.

On the Downside, first intra-day support is seen around 2720 level followed by 2540. However losing this support would mean that ETH is likely to revisit 2380 followed by 2320-2280. Any 4-H based closing below this demand zone of 2320-2280 will re-call aggressive bears who are likely to take ETH towards 2080-2000.  These zones are immense support for the day. MA-200 3-D is observed at 2000 which remains as an area of massive support.