4-Hour Analysis:
Big Picture: It was anticipated that if the Bulls were able to hold the 3000 level, they would proceed towards 3170, then 3240. The expected move happened, as ETH tested the first intraday major resistance level of 3170. Moving forward, ETH has managed to climb above EMA-50 on a daily and now needs to surpass the 3240 level in order to pave the way towards EMA-200 Daily at 3410.
On Upside, first intra-day resistance is observed at 3100 level followed by 3240. To reach the next targets of 3320 and 3410, ETH must advance above 3240. 3410 will likely trigger profit-taking as it is EMA-200 Daily based critical resistance.
On the Downside at 3130, the initial intraday support is seen, followed by 3050. That 3000 mark, on the other hand, is a psychological level that must be defended if bullish dominance of the charts is to be maintained. Any close below 2880 will open 2660 next.
