ETH-“Expansion of Ranges Likely”

4-Hour Analysis:

Big Picture: ETH felt the heat at the resistance region and fell sharply before regaining support at the trendline. ETH has reclaimed the support region, and it only has to gain acceptance above the 3175 level to be bullish once more. Volatile sessions are possible until a clear break of 3175 is achieved.

On Upside the day’s early resistance still remains at 3120. Breaking this, the next level of resistance is at 3140-3170, which is the critical resistance area. Yesterday, this level limited the rise and triggered intraday profit-taking. BTC requires a solid foothold above this level to re-establish bullish momentum and go into higher target zones. The next target regions are anticipated to be seen between 3290 and 3320.

On the Downside Yesterday, the EMA-50 and trendline support did their work and provided strong support for the price, preventing it from falling any further. Between 3070 and 3050, there is still a lot of support. It will be difficult to break through this level, but if it is, the next level of support will most likely be 3000-2970, followed by 2920.