4-Hour Analysis:
Big Picture: ETH took intra-day massive support of 4-Hour based Demand Zone at 2370 and triggered aggressive short-coverings. The upside is still pre-mature and requires good consolidation to strengthen itself enough to break free of 3000-3400 range as there are multiple strong resistance between this ranges. However downside risk towards MA-200 still remains intact. With Monthly closing approaching price is looking to stop-hunt either side, expect volatile sessions.
On Upside, The intraday barrier is set at 2620, then 2680. In order for ETH to recover some control over the trend it must reclaim Daily MA-50 at 2880. Aside from that, both sides are likely to make there intra-day but looks unlikely that a major move will be made before monthly closing.
On the Downside 2590 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.
