4-Hour Analysis:
Big Picture: ETH is absorbing the selling pressure that has been noticed at this resistance level. ETH is facing a confluence of several resistances, making it difficult for the price to break through in a smooth manner. Bulls will have to work hard to overcome these resistances and guide ETH into a bullish terrain once more.
On Upside initial resistance for the day is seen at 3120. Breaking this we have the next level of resistance at 3140-3170 as the key resistance area. To re-establish bullish momentum and proceed into higher target areas, BTC needs a strong foothold above this level. The next target areas are likely to be seen around 3290-3320.
On the Downside initial support is seen in form of EMA-50 at 3070. This level is expected to provide solid support. However, losing this could expose ETH to a new range of 3000-2970, followed by 2920. These levels are expected to serve as solid supports, limiting any further losses for the day.
