1-Day Analysis:
Big Picture: Yesterday on the back of FOMC heavy volatility was seen. ETH tested 1-Day major resistance at 2650-2750 and took heavy rejection. The Price Action does not look good for ETH and this rejection of a major level is opening doors for aggressive bears once again that are eyeing Range Bottom at 1700. To negate this scenario at least a break above 2650-2750 is required which could partially pause the selling spree. Furthermore crossing this level would make bulls try their luck on 3k level.
On Upside intra-day resistance is likely to be seen at 2550 followed by 2650-2750 as the next major resistance level. This level is likely to act TOP for the day. However, breaking this would open doors for 2900-3000 mid-point level which will be decisive in ETH future direction.
On the Downside, intra-day support is seen at the 2380 level followed by 2320-2300. Moreover, if this support does not hold then ETH is likely to revisit 2150 followed by 2080. This level is likely to act as strong daily support which will limit downside partially however keeping in view the pressure on Price Action and EMA 200 – EMA 50 death cross this level won’t hold for very long unless an impressive attempt by bulls is made to challenge 3k level.
