ETH-“Nearing Completion of Correction”

2-Hour Analysis:

Big Picture: ETH’s weakness was evident in form of exhaustion and loss of momentum. It was mentioned that ETH needed a corrective reversal before any continuation to the upside. ETH once more coming close the support areas and these levels between 3250-3150 are likely to attract fresh-buying once more. As long as ETH remains above 3000 mark, it’s in a bullish territory.

On Upside, The day’s early resistance is visible near 3370. To open any further upside, ETH must break through this level. The next resistance zone is between 3420 and 3450. However, for ETH to complete the corrective cycle and build a fresh wave of upside seeking 3780-3820 initially, followed by the 4000 level, it would need to show strength above 3550 this time.

On the Downside, Higher time-frame EMA’s and horizontal regions are now providing range supports for ETH. When these levels are tested, they are likely to cause aggressive short-coverings. These supports can be found in the 3250-3050 range. For the day, though, initial support is seen near 3250. If this support is broken, the 2-hour demand zone between 3200 and 3160 is opened. However, if the bearish trend continues, ETH may challenge support levels at 3110-3090.