ETH-“Multiple Resistances on the Upside”

4-Hour Analysis:

Big Picture: ETH is becoming choppy and range-bound between 2150 and 1965. The present market circumstances favor the quick in quick out approach as price strives to trap and hunt positions. Going forward, this range may persist for some time before expanding to build an even wider range between recent highs and recent lows. However, favorable trading circumstances are anticipated for both sides to take advantage of. As a result, focus on the levels.

On Upside the EMA-32 is proving to be a good resistance level for ETH, as it continues to prevent the price from rising higher. The EMA has now reached 2080. The next significant resistance is between 2150 and 2170. This level has previously been a site of strong rejection for ETH, and the presence of EMA-50 at this level is likely to make things more difficult for bulls. However, the tough domain persists above this level until 2390. Above that, an easier rise into 2440 is anticipated after the price breaks above 2390. These upward moves, however, are more of a corrective cycle, thus aggressive profit-taking on strength is encouraged.

The Downside continues to remain the same with initial intraday support identified around the 2000-1990 zone. The next level of support is at 1950, with the strongest intra-day supports in the 1925-1900 area. These supports should ideally hold in order to keep ETH positive on shorter time frames, but if they are breached, range lows will most likely be exposed once again.