8-Hour Analysis:
Big Picture: ETH is steadily channeling down inside the pattern. Bearish pressure is anticipated to prevail as long as ETH remains within the downward channel. At the moment, it is apparent that bears are in command of the trend and plan to extend the decline into lower supports. However, ETH has just begun to enter a solid support zone. This area is guarded by a number of key supports.
On Upside several new intra-day resistances have recently emerged. Initially, the price is anticipated to be held at 2750-2770. Following that, we have 2850 as the next resistance level, followed by 2880. Breaking through here opens up further upside levels towards 2920-2950.
On Downside several significant supports are beginning to emerge. At these levels, ETH is substantially protected by channel and horizontal-based supports. The support area stretches from 2680 to 2620. These levels must be maintained for ETH to avoid a severe drop around 2350.
