Big Picture: In the previous session, intra-day bears had a firm grasp on the charts. However, now crucial levels are about to be tested. Losing them would lengthen up the downside once more. However, ETH is now gaining support at the crucial level and must maintain its position to complete the corrective cycle. Bears, on the other hand, must intensify the carnage and break through the 2965 level to make a significant dent in the price action. Doing this would partially stop the advance towards 3800-4000 level.
On Upside, The initial resistance level is 3230, followed by 3300. If price can stay above 3300, it will be possible to revisit the current highs of 3420-3520. However, in order to turn aggressively bullish once more, ETH must demonstrate strength above 3520; doing so would return ETH to bullish territory and clear the way for a move towards 3780-3820.
On the Downside, Based on a 3-day timeframe at 3160, EMA-50 is giving solid support. This will be a difficult level to break through. If this is lost, ETH is likely to move even deeper into the corrective cycle and be exposed to 3052-3030 in the short term. At these levels, expect strong short-coverings followed by fresh-buying.