ETH – “Mid-Point Reclaimed”

1-Day Analysis:

Big Picture: Reclaiming the mid-point puts ETH out the aggressive selling pressure and back into neutral to territory. Choppy price action could be observed as multiple support and resistance are seen around this level in quick succession. To put ETH back into driving seat Bulls need to climb above EMA-50 and EMA-200 respectively.

On Upside 3150-3250 is likely to cap the upside for day. This is an area of multiple confluence resistance including EMA-50 Daily at 3165 as well. This is an area where Partial Profit-Taking is likely to be observed.

On the Downside, first intra-day support is seen at 2920 followed by 2800 level. A successful re-test would further strength the bulls. However if this re-tests happens successfully then we are likely to see extensive upsides in coming weeks to months. To negate this scenario now bears need to protect any daily closing above 3400 level and push prices back below 2800 and hold below, doing so would re-strengthen bears once more and make this re-test into a deviation which will act as check-made for Bulls.