8-Hour Analysis:
Big Picture: As indicators indicate that there isn’t much opportunity for a big move, ETH is now gradually rising. However, it has now entered a zone where both more upside and a re-test of supports are still viable options. If ETH can stay above 4460, it will likely continue to rise; however, if it is rejected or fails to flip this resistance, it will likely consolidate or go back to the initial supports. Expect Volatility for next few sessions.
On Upside, ETH is penetrating deep into a heavy supply zone. This 3460 zone has been limiting ETH’s upside potential since early January 2022. Hence expecting a strong resistance of this level and partially limiting upside potential and causing intraday profit-taking. New upsides will open towards 3620, then 3780-3830 if ETH can gain a foothold above this level.
The Downside remains same with first intraday support seen at 3275 followed by 3220. If this level is broken, 3180 will be the next intra-day support level. The main support for ETH is still in the 3080-3050 range. This is a breakout-based support region with many confluences that operate as powerful supports and limit the decline. In the event of a longer re-test, ETH can aim for the 2980-2930 region. However these levels be treated as aggressive buying areas.
