ETH – “Range-Bounded”

4-Hour Analysis

Big Picture: Another ranged day of indecisive and choppy price action. ETH is getting trapped into a small range between 3650-2320. However this range could continue and become even thinner and choppy. Increased volatility will be observed once price is about to break this ranged zone. Till then one should play the range levels.

On Upside 2550 is still capping the upside followed by 2650-2750 as the next major resistance level. This level is still likely to act as TOP for the day. However, break and stronghold above this would open doors for 2900-3000 mid-point level which remains to be decisive in ETH future direction.

On the Downside, first intra-day support is seen around 2380 level followed by 2320-2300. However losing this support would mean that ETH is likely to revisit 2150 followed by 2080. ETH has multiple supports between 2080-2000 which are likely to act as immense support for the day. To add-up 3-Day MA-200 is also currently at 2000 level giving this area more weightage. After this level the major support then comes around the Range Bottoms at 1750-1700 level.