8-Hour Analysis:
Big Picture: The key area was once again rejected by ETH. This level is crucial for the future course of action. Multiple rejections will almost certainly result in a selling spree, exposing ETH to the demand zone and maybe leading to a lower price. In-order to negate this acceptance above 2975-3020 is necessary. Ideally this should be done in next few sessions otherwise the bears are once more likely to attack.
On Upside Initial resistance will be observed at 2920, followed by 2940. A break above these will once again allow for a test in the 2975-3020 zone. The EMA-50 and strong horizontal resistance may be seen again here. Reclaiming the EMA-50 will be a key thing. A successful break above the EMA-50, on the other hand, is expected to open the door to further gains, with targets of 3045 and 3085.
On Downside the intra-day support level is 2880, followed by 2855. These supports will most likely act as a strong support zone. If it does not hold, the price is projected to fall back to 2810 before going deeper into the demand zone of 2775-2745.
