1-Day Analysis:
Big Picture: ETH made a good recovery from the Daily Support levels. It must now maintain current levels while absorbing any remaining selling pressure. Holding on to these levels of support will eventually generate the momentum needed to break out again, resulting in a new round of bullish excitement.
The Upside Intraday resistance is seen at the 3120 level. A substantial horizontal resistance is also visible at 3175. For ETH to potentially make more gains, it must break through this level of resistance. However, if this barrier is successfully broken, ETH should proceed to 3280-3300.
On Downside the initial support level is identified at 3060, and a breach below this level will expose ETH to the 3000-2970 range once more. On lower timeframes, this is where the local bottom is now noticed. If ETH loses this local bottom, there will be much more room for penetration into the demand zone, exposing ETH to a drop to 2880-2820 as the next downside target.
