ETH – “Decisive Levels”

4-Hour Analysis:

Big Picture: For a few days now, ETH has been providing many positive confluences. Going forward, ETH has good momentum, but a consolidation above 3000 favors bulls, and a breakout over 3052 could encourage a significant upward impulse. However, this region must be viewed with great patience and attention, as if this level is rejected, lower supports will be activated.

On Upside, first resistance for the day is seen at 3052. This exact level is top for the day till now. ETH bulls need to break this level to open their test on EMA-200 Daily at 3145. This level will most likely operate as a crucial resistance, and a break above it would likely lead to 3200-3400 in the short term, followed by 3550-3800 in the medium haul.

On Downside adding onto another support at 3000 level. This level is seen as first intra-day support followed by 2830 is the next significant support level. This is the EMA-50 Daily level, which is going to act as a solid support. Then there’s 2750, which is the next crucial support level. It’s critical to keep this level intact, as a break below it will reopen 2675, then 2600. These intra-day levels should function as good intra-day supports. However, 2520 and 2490 continue to have far greater support.