8-Hour Analysis:
Big Picture: Inside the pattern, ETH is gradually channeling down. As previously said, as long as ETH remains within the descending channel, bearish pressure is likely to persist. At the moment, it is clear that bears are in control of the trend and intend to prolong the fall towards lower supports. However, in order to break through this pressure a stronghold above EMA-50 and ultimately over 2975 is required.
On Upside the initial resistance level is 2850, followed by 2880. Breaking this opens up the above levels at 2920-2950 once more. A break above these will enable for another test in the 2975-3020 range. The EMA-50 and strong horizontal resistance could be seen here again. Reclaiming the EMA-50 will be essential. A successful break above the EMA-50, on the other hand, is projected to open the door to further advance towards 3045 and 3085.
On Downside At the 2805 level, there is good support. However, losing this will expose ETH once more to the channel bottom near 2700-2690. Following that, we have solid support at 2630. At these prices, expect short-coverings.
