4-Hour Analysis
Big Picture: On back of a heavy volatile session, Bulls once again took support of the intra-day zones and pushed prices on the upside. ETH now testing the 4-H based supply region were intra-day profit-taking is observed. However there are multiple major resistances on the upside in form of EMA-200 4-Hourly followed by Range Mid-Point at 3000 level that are likely to do same. A break and hold above 3k level is likely to extend the upside towards 3150-3200 initially.
On Upside Immense congestion is likely to be observed now as important multiple resistances are approaching. Supply zone between 2840-2900 is likely to act as first hurdle for the day followed by EMA-200 4-Hourly at 2960 and Range Mid-Point at 3000 level. Fresh longs on resistance remain to be dangerous, traders are advised to wait for a clear break above this congestion zone.
On the Downside, things remain quiet the same however, first intra-day support is now seen around 2700 level followed by 2580-2550. Losing this support would mean that ETH is likely to revisit 2380 followed by 2320-2280. These are strong supports that are likely to trigger intra-day relief however, if broken then this aggressive profit-taking is likely to convert into panic selling which is likely to expose 2080 followed by 2000 level.
