ETH – “Holding 3k level favors Bulls”

6-Hour Analysis:

Big Picture:  ETH remained side-ways as it’s in between major zones on both sides. However, holding above 3k level favors Bulls who need to climb above 3220 in-order to extend the upside towards 3400 initially followed by the Supply Zone. A re-test anyhow still remains in sight which can be a good confirmation for the extensive upside. Caution is advised as ETH can also show trappy price action between these ranges.

On Upside 3170-3230 is acting as first major resistance. This is an area of multiple confluence resistance including EMA-50 Daily at 3165 which is capping the upside. However if ETH can manage to climb above EMA-50 Daily then we can expect price to test EMA-200 on Daily at 3410.

On the Downside, not much has changed as first intra-day support is still seen at 3000 followed by 2900 level. A successful re-test is needed to further strength the bulls. A successful re-test will lead towards extensive upsides in coming weeks to months. To negate this scenario now bears still need to protect any daily closing above 3400 level and push prices back below 2800 and hold below, doing so would re-strengthen bears once more and make this re-test into a deviation which will act as check-made for Bulls.