2-Hour Analysis:
Big Picture: After reclaiming the 2600 level, ETH gained significant momentum. However, we are now approaching a couple of intraday strong resistances. Ideally, price action based on consolidation would be a positive sign for ETH. Furthermore, as long as 2750 holds, ETH is expected to go towards intra-day resistances, but if this intra-day support is breached, anticipate a partial corrective downside into 2675, followed by 2600.
On Upside, A couple of strong resistances are seen in quick succession. Currently, MA-50 Daily at 2770 is giving a difficult time. This is not, however, the only significant resistance level noted throughout the day. Moving forward, we have a solid horizontal level and an EMA-50 Daily level around 2820, which is likely to be an even more difficult region for ETH. If these are broken, ETH will rise to the next levels of 2920-3000.
On Downside the first intraday support is identified at 2750. Holding this level is critical for the day since a break below it will reopen 2675, followed by 2600. These intra-day levels are expected to restrict the day’s slide. However there are more significant daily basis supports between 2520 and 2490. Moreover, these supports are protected by a number of confluences and hence serve as reliable supports for the day. If they are lost, 2400 becomes the next critical support level, followed by 2300.
