ETH-“Key Level at 3052”

4-Hour Analysis:

Big Picture: ETH has multiple attempts on 3052 failing for now. This level is a major resistance as mentioned multiple times. Unless we break above it, ETH will remain choppy. Going forward a rising wedge pattern is slowly starting to develop, which is showing loss of momentum and indecision. ETH has to break and hold above 3052 to reclaim the momentum and move towards EMA-200 next followed by 3200 level. However breaking below 2970 will be sign of weakness, exposing ETH towards 2820.

On Upside, 3052 is the first point of resistance for the day. For the past few hours, ETH has been unable to close any candles above 3052. ETH bulls must break the 3052 level to challenge the Daily EMA-200 at 3145.-200 level will be a key hurdle, breaking which opens 3200-3235 as next upside followed by 3400.

On Downside first intra-day support is seen at 3000 followed by 2970. Price should not break below 2970 otherwise the wedge pattern will come into play with downside first exposed towards 2895 followed by 2820. This is where a good decent support for ETH rests. This is where EMA-200 4-Hours is also present. This level is to be a good support for fresh-buying.