ETH – “Caution: Major Resistances Approaching”

1-Day Analysis:

Big Picture: Lower time-frame ranges expended once ETH moved out of 2610. However on daily ETH is still stuck within a converging triangle. The price range is now getting very thin which is making overall price action for ETH choppy in nature. Until a breakout is seen ETH is likely to remain ranged between the ranges. 

On Upside, Yesterday, ETH managed to break beyond the 4-H EMA-50 and provided a significant upside. However, with the MA-50 Daily approaching, the upside at 2760 is likely to be limited. ETH must break above this MA in order to open the door to potential gains. There are many intraday resistances between 2760 and 2820 that might lead to profit-taking. If 2820 is breached, expect 2920 and 3000 as the following resistance levels.

On Downside As of today, the support level has risen to 2610 as the initial intra-day support. Levels between 2520 and 2490, on the other hand, are likely to act as significant supports. These supports are shielded by several confluences and hence serve as reliable intra-day supports for the day. However, if they are lost, 2400 becomes the next crucial support level, followed by 2300. On the downside, 2300-2280 is expected to function as the day’s low. Similarly, under severe bearish mood, 2160 may be seen as the next Daily based strong support region.