ETH-“Fresh Entries Getting Riskier”

2-Hour Analysis:

Big Picture: Over the previous several sessions, Ethereum has been steadily approaching the 3-day supply zone. Meanwhile, similar to the last test, Ethereum continues to form longer upper shadow wicks, indicating that there is still some selling pressure in this zone, as every time price attempts to rise higher, it confronts quick profit-taking. Ethereum hitting 4100 could have an important part in providing a significant momentum boost to reach higher levels. 

On the Upside price has partially been climbing above the initial level of the supply resistance at 4030. However, the real struggle is being seen at the intra-day level of 4065 and at the 4100 mark. Price despite a few attempts above failed to gain momentum based strength. Strength above 4100 mark remains essential to push Ethereum next towards the 4200 and 4465 levels.

On the Downside price tested the critical levels below and quickly rebounded after struggling against the resistances above. Ethereum yesterday had a significant spike down after falling below the 3945 support level. The solo candle had a 4% decline. However, during that decline the volumes increased dramatically over time, indicating that fresh buyers were purchasing aggressively. Once again, support for the day remains at 4000, followed by 3990. Meanwhile, the EMA-50 is a major support for the session, currently trading around 3965 and quickly approaching the upper supportive area.