ETH-“Bulls Challenged At 3000 Mark”

1-Day Analysis:

Big Picture: Ethereum continues to demonstrate intra-day strength as it once again challenges the 3000 level that too with some added intent. This is a significant level for both bulls and bears, as the winner of the round will control the short-term trend. Bulls establishing dominance above 3000 would allow the Range-Highs to come into play; however, if sellers overpower this level, they might cause some significant profit-taking and lower support re-tests.

On the Upside price continues to find resistance at the 3000 level. Although bulls are obtaining partial access above this resistance level, but no major continuation is getting recognized which is resulting in intra-day volatility. Sustainable strength over 3000 would extend the upside towards 3080, followed by 3150.

On the Downside the recently obtained levels of 2965 and 2920 will be used as the supports for the day. If these levels can be effectively converted into supports, bullish action is expected to benefit. However, the stronger rounds of support continue between 2880 and 2850 for the day. The EMA-50 protective shield is now approaching this zone, which will enhance the supportive protection. Meanwhile, sellers must achieve a breakdown below these supports to undermine this growing momentum.