Big Picture: ETH is becoming quite thin between two ranges, indicating that an intra-day good move is possible. However, in a broader context, things remain the same, with many supports appearing between 2510 and 2450. If these levels are tested, expect additional short-coverings, but a break below them might lead to a steep drop towards the 2300 region. Unless a clear trend is revealed, it is recommended to keep leverage low. We’re now stuck in a choppy range that’s set to grow much narrower in the coming days until we see a breakout.
On Upside, 2615 is the first level of resistance, followed by 2650. However, 2760 remains a crucial resistance level that must be broken before any more gains can be achieved in intra-day session. If bulls can break over this level, they’ll go on to daily resistance levels at 2815, then a supply zone between 2970 and 3030. To signal a reversal of the partial bullish rally, bulls must break and hold above 3052.
On Downside At 2580, intraday support is still present. Price held this level for the whole session yesterday, but lost it in the early hours of the next day, falling as low as 2524 before recovering back above support. It only fell short of the 2510 support level, which is regarded as critical support. Breaking which would invite 3-Day EMA-200 as next important support.
