4-Hour Analysis:
Big Picture: ETH was once again rejected by the resistance area, forming a double top that lured aggressive profit-takers and sellers, dragging prices down to support levels. Although there has already been a healthy correction, the fall might potentially extend to levels near 2880. This is likely to be an important level for ETH to hold, or else another selling spree is likely.
On Upside At 3030, there is some initial resistance. The next level of resistance is most likely to be found between 3060 and 3080. In this area, the EMA-50 and prior trendline are expected to function as resistance. Reclaiming the trendline would be a positive indication for ETH going forward, as the price may then regain momentum and attempt to recover previous highs. For ETH the bullish trigger lies above 3175 area.
On the Downside Initial support has been provided by 2970, which has succeeded in keeping the sell-off to a limit. The support is still extremely strong, but if it is broken, the next support levels will be 2920 and 2880. These are critical levels of support that must be maintained. If this level is breached, then demand zone of 2770-2750 is likely to be engaged.
