4-Hour Analysis:
Big Picture: Over the weekend, ETH remained uncertain and range-bounded between 2840 and 2580. This consolidation must now break above 2880 in order to become bullish and set new targets in the 2920-3000 range. However, a move should occur sooner rather than later, as a slowdown of momentum will favor bears, who will need to break and hold below 2500 to re-induce fear and aggressive selling.
On Upside, 2650 and 2680 are intraday resistance levels. ETH is struggling to close above the 4-H based supply zone between 2840 and 2880. Bulls have been unable to break through this level for several days. However once a clean break of this range is seen, expect a strong move to the upside, initially towards the 2920-3000 level. After a sustained break over 3000, 3100-3220 will open up, followed by 3400.
On the Downside 2580 is the first level of support, followed by 2520. If ETH falls below this level, it will be exposed to the 4-hour demand zone of 2380-2350. This level guards ETH from getting exposed towards 3-Day MA-200 at 3110. 3-Day MA-200 remains a major support, but it’s equally critical to defend, as a breach below will likely trigger much stronger selling pressure, perhaps exposing ETH to range lows of 1800-1700.
