ETH – “Multiple Resistance’s in Quick Succession”

4-Hour Analysis:

Big Picture: ETH has risen over 3000 once more, making this level less reactive now. However, it is now confronting plenty of significant and powerful resistances, all in quick succession. Even if it passes them, the ride will be turbulent in nature, making it difficult to ride smoothly. Once these levels are breached, expect a rapid upward advance towards 3400, followed by 3800 in the coming days. However, it is equally important that ETH maintains its position above 2500 in order to rule out any return of bearish scenarios.

On Upside, first intraday resistance level is seen at 2930-2950. However rest remains same for ETH as it needs to break above 3052 to extend this trend towards 3100 initially followed by 3130 and eventually 3230. EMA-200, on the other hand, is presently seen at 3230. As a result, this level still remains to be an excellent profit-taking level. Above this lies the bullish territory for ETH that will open upside towards 3400 followed by 3800.

Downside still remains the same with 2870 as the first level of support which has been protecting downside. This level is protected by 4-Hour EMA-200. However losing this support is likely to open 2820 followed by 2780 as next level of supports. These levels are likely to act as bottom for the day. However unlikely but in extreme cases 2600 would be the next support.