ETH – “Bearish Grip Building Up”

4-Hour Analysis:

Big Picture:  In the case of ETH, there is a lot of selling pressure. However, it is approaching key supports, which will likely restrict the fall to an extent. But, this does not make it bullish just yet, as many significant resistances are now visible on the upside, and they are appearing in quick succession. Volatility is expected to increase now, resulting in choppy and indecisive sessions.

On Upside, first intra-day resistance is observed at 2620 level followed by 2660. This is where EMA-20 4-Hour is present that is likely to act as a swift resistance for the day. This EMA has been acting as a trend driver for ETH. Rejection of this EMA would mean re-test of lows and reclaiming above this would allow further short squeeze. Once reclaimed expect ETH to further squeeze towards 2725 followed by 2830.

On the Downside 2550 is the first intra-day support level, followed by 2510. If ETH breaks below these supports, expect to see 2480 followed by 2420-2380 fairly quickly. Moreover as long as 2380 holds Range-Lows are protected.