4-Hour Analysis:
Big Picture: Ethereum has likewise entered a range-bound phase, with prices confined between 3030 on the upside and 2880 on the downside. The bulls continue to dominate Ethereum’s higher timeframe, whereas volatility is beginning to emerge in the short-term phase. The daily-based EMA-200 is beginning to acquire a vertical shape, indicating that Ethereum’s momentum has improved significantly.
On the Upside Ethereum is expected to face some intraday resistance at 2940, followed by 2980 level. However, the sessions major resistance levels are between 3000 and 3030. These are the resistance levels that must be overcome for the bullish trend to continue. A stronghold over 3030 would allow the upside to continue towards 3080, followed by the 3120 mark.
On the Downside since the start of this new trend, Ethereum has been extremely responsive to the dynamic support of EMA-32. Each time the price came into contact with this support level, a decent reaction was observed. This level has been tested for the day at level 2916. Ethereum is to utilize this level as its primary support for the day. There is also little support at 2920, which adds to the overall supportive level. Meanwhile, major support for the session remain between 2880 to 2850 levels.
