3-Day Analysis:
Big Picture: When ETH took rejection of the EMA-50 at 2760, the momentum swung significantly. Bears quickly grabbed charge and caused chaos on the charts, smashing all intra-day supports and exposing ETH to 4-H demand in the 2370 level. However, it appears that demand is insufficient to sustain the selling pressure. The 3-D MA-200 is expected to be tagged at the 2100 level by ETH. This is where the selling pressure is most likely to ease, at least partially.
On Upside, The 2390 level is the initial intraday barrier, followed by 2480. Between 2520 and 2720, ETH is expected to meet multiple resistances. However, a close above 2720 is necessary to counter this bearish pressure, which looks unlikely as of now.
On the Downside Initial support can be found at 2230, followed by 3-Day MA-200 support in the 3110 area. This level will almost certainly act as a strong support. Keeping this in mind, it’s also critical to defend his level, as a break below would likely draw much stronger selling pressure, exposing ETH to range lows of 1800-1700.
