6-Hour Analysis:
Big Picture: ETH is re-testing the breakout area and is now supporting off-it. If ETH does not maintain this level, the swing will be converted into a failed swing, exposing ETH to more decline. A bear flag pattern is currently visible, with a successful breakdown expected to target the 2920-2890 region. To avoid this, ETH must retake and maintain a foothold above intraday resistance, as well as safeguard the 3200 level at all costs.
On Upside, 3285 is the first level of resistance, followed by 3300. It will be possible to revisit the current highs of 3420-3520 if price can maintain above 3300. However, in order to turn aggressively bullish again, ETH must show strength above 3520; this would return ETH to bullish territory and pave path for a move towards 3780-3820. On Downside both horizontal and EMA supports have been limiting further downside. If ETH does not honor this level, the price may attempt to hit lower supports in the range of 3085, then 3050. For bulls, the 3000 barrier is crucial because if it is breached, ETH would revert to neutral zone, exposing it to additional decline towards 3920-3890. Major support levels can be seen here, which are expected to prevent any further selling and prompt aggressive short-covering.
