ETH-“Expecting Intra-day Profit-taking”

4-Hour Analysis:

Big Picture: As it approaches the crucial breakout levels, indicators indicate that ETH’s momentum is slowing. A minor corrective fall around 3820-2790 would be favorable, as it would allow bulls to re-energize before attempting to challenge the horizontal level at 3052 and the EMA-200 Daily. Going forward, a hyper move could backfire for the bulls if they are rejected. Once broken, the 3052 level should be strongly held for a sustainable uptrend.

On Upside, The day’s initial resistance is seen at 3000, followed by 3052. To test the Daily EMA-200 at 3145, ETH bulls must break the 3052 level. EMA-200 level will most likely act as a key resistance, with a break above it is likely to lead to 3200-3400 in the immediate term, and 3550-3800 in the medium term.

On Downside Intraday support first emerges at 2920, followed by significant support at 2820. This is the 4-hour EMA-200 level, which will operate as a strong support. Then there’s 2750, the next important support level. It’s crucial to maintain this level because a break below it will reopen 2675 and eventually 2600. These are strong intra-day support levels and are likely to limit any further fall for the day. However if breached 2520-2490 are next supports which are far greater in strength.