ETH – “Bearish Grip-Firm”

4-Hour Analysis

Big Picture: Once ETH failed to give a convincing closing above 3800, the major resistance levels on the upside triggered aggressive profit-taking. It was mentioned that as long as ETH remains below 3000 level the upper-hand naturally stays with bears who are still eyeing a clean sweep of this range and as well as Range-Lows. The only way for Bulls to negate this scenario is to climb back above 3000 level and stronghold that level. Keep in mind once above 3000 level then protecting this level is equally important.

On Upside first intra-day resistance is likely to be seen around 2670 followed by 2730. However 2800 still stands as an important resistance. 

On the Downside, first intra-day support is seen around 2550 level followed by 2480. 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.