ETH – “Eye’s on 3k”

4-Hour Analysis:

Big Picture: ETH reacted and broke the range to target 2900 and remained just shy of 3000 milestone. However similar to other coins ETH is also now on blink of a strong resistance level of 3000. It needs to break this to remain bullish and establish further upside targets towards 3100-3200 followed by 3400. However we can see some profit-taking and consolidation here on this level. Doing so would re-energize the bulls who are then likely to set straight challenges towards breaching above this level. The quicker this move comes the better it will be. However any rejection of this zone will likely bring 2820 once more into play.

On Upside, Intraday resistance levels are 2950 and 2970. To regain its power, ETH has to make another similar move and break above the 3000-3100 barrier. If this level is reached, we should see 3280-3400 in the coming days. The EMA-200 Daily is presently around 3280, which is a huge mark for bulls to aim and break through.

On the Downside 2860 is the first level of support. This level is protected by 4-Hour EMA-200. However losing this support is likely to open 2820 followed by 2780 as next level of supports. These levels are likely to act as bottom for the day. However unlikely but in extreme cases 2600 would be the next support.