3-Hour Analysis:
Big Picture: Ethereum has been in a sustained trend since its recent corrective move, with higher highs and higher lows remaining intact. However, the trend is steadily gaining speed. This momentum could take on even sharper intensity if Ethereum begins earn acceptance over the psychological resistance. However, until that happens, volatility is likely to grow.
On the Upside in yesterday’s session, the price broke over 2920 and pushed for 2965 and 2980 levels. But as the price approached the psychological resistance of 3000, an instant round of profit-taking began. This region will continue to attract such profit-taking, thus momentum requires strength above 3000 to drive for sustainable upside. For the session, 2920, 2980, and 3000 remain the significant resistance levels.
On the Downside a strong support range is forming between 2880 and 2850 levels. These are the short-term support levels that, if maintained, will favor the bulls. Furthermore, the faster EMAs of 24 and 32 are already in this area, and the heavier dynamic EMAs are expected to follow as well, adding to the strength of this supporting region. As for sellers, building pressure below this range is essential to counteract the present trend and drive price back down into the 2820 to 2800 levels.
