4-Hour Analysis:
Big Picture: ETH has produced a recovery after gaining support from intraday levels of 2480-2500. This bounce, however, will be termed a dead-cat bounce until it smashes cleanly over 2940. The rally appears to be the result of aggressive short-coverings and oversold indications rather than fresh buying. Bears appear to be in charge of the trend for the time being, but they will get more aggressive if ETH rejects the 2680-2730 barrier and begins to drop below 2340-2300.
On Upside, The initial resistance level is situated between 2600 and 2610. However, ETH will face stiff resistance between 2680 and 2730. This level corresponds with many resistances, one of which is the 4-hour EMA-100. But, if ETH can hold above this level, we may expect more gains above 2800, followed by 2940.
Downside The intra-day support level remains at 2510, followed by 2480. These levels have provided assistance on several occasions. However, if price fails to bounce off these levels, then strong support of 2340-2300 will certainly come into play. These levels are important because they represent critical support confluences. Losing them would be a bad indicator, eventually extending the drop to the 3-Day EMA-200 at 3160.
