ETH – “Holding 3k level favors Bulls”

4-Hour Analysis:

Big Picture:  ETH getting capped around 3270 and finding constant support between 3050-3000 level. This choppy price action is likely to continue unless range on either side is breached.  A break above 3270 leads towards 3400 as next major resistance. However a break below 3000 level would likely open 2800 re-test once more.

On Upside, ETH managed to close a day above EMA-50 Daily but couldn’t hold the level and faced profit-taking. Initial resistance for the day is seen at 3170 followed by 3270. ETH needs to climb above these levels to open a test on EMA-200 Daily at 3400 level.  

On the Downside multiple supports between 3050-3000 level protected the fall. The levels have produced a decent bounce. Now ETH needs to manage a closing above 3270 to open further upsides. These levels are likely to act as strong supports and potentially bottom for the day. However, stronghold below 3k would be a sign of weakness. For bears they need to break below 2800 to regain full control of the trend once more and expose ETH towards 2500 followed by 2300 initially.