4-Hour Analysis:
Big Picture: ETH inching closer to decisive intra-day resistances. As mentioned in previous report ETH needs to reclaim 2940 and simultaneously produce a breakout above 3052 to get extremely bullish once more with high targets, otherwise this bounce can end up being a dead cat bounce. Bears, on the other hand, who are partially in charge of the trend, will aim to breach 2450 in order to initiate a new decline into 2300-2100.
On Upside, The first intra-day resistance level is located between 2750 and 2795. ETH is set to test the 4-Hour EMA-200 at 2795, which will serve as strong intraday resistance. If the bulls can break over this level, they will most likely challenge the first significant daily resistance level in the shape of the EMA-50 daily at 2888. However, for Bulls’ turnaround level remains to be at 2940, followed by 3052. Both of these levels must be passed and then strongly maintained in order to open up a great deal of upside towards 3200-3400 at first.
On Downside the initial intra-day support level is 2700, followed by 2670. However, a break below 2670 will open the door for additional downside into 2600, followed by 2500. However, as long as ETH remains above 2450, it is safe and will continue to fluctuate between 3052-2500. However, if it begins to close below 2450, a new wave of selling is anticipated, pushing the price down to 2300-2100.
