4-Hour Analysis:
Big Picture: For a few days now, ETH has been trapped in an extremely small range around 2510-2610. This range is also projected to expand in the coming days. If ETH manages to break above 2610, we are expected to see off 2820 in the coming sessions; if it goes below 2510, we are likely to see 2400-2300 next. ETH has 3-Day MA support at 2410. This level will be a very difficult level for bears to breach. Expect short-coverings at these levels.
On Upside, The EMA-50 4-Hour is still limiting further gains and functioning as a powerful intraday barrier. To open the door to future gains, ETH must break above this EMA. The next degree of resistance, however, occurs at 2670. There are many intraday resistances between 2760 and 2820 that might cause some profit-taking. 2820 is likely to act as top for the day. However in extreme case the next key levels are 2920 and 3000 level.
On Downside multiple intra-day supports between 2520-2490 are limiting falls for a few days now. These supports are protected by multiple confluences hence making valid intra-day supports for the day. However losing them would open 2400 as next key support followed by 2300. For downside 2300-2280 is likely to act as bottom for the day. Similarly in extreme bearish sentiment we can see 2160 as next Daily based strong support area.
