ETH – “Ranges Back in Play”

4-Hour Analysis:

Big Picture: The price of ETH has been steadily increasing. The fact that we are trading over the 3000 barrier is a positive sign. ETH has cleared a significant obstacle, but it now finds itself in the middle of a short-term trend in which a break above 3052 leads directly to the 3200 mark, while a breach below 2950 leads to ETH re-testing the 2860-2820 region. On Macro ETH is trading between an overall ranges of 3200-2500. Unless this macro range breaks we are likely to see these levels again and again.

On Upside, first intraday resistance level is at 3052. ETH needs to break above 3052 to extend this trend towards 3100 initially followed by 3130 and eventually 3230. EMA-200, on the other hand, is presently seen at 3230. As a result, this level will be an excellent profit-taking level.

Downside remains the same with 2860 as the first level of support. This level is protected by 4-Hour EMA-200. However losing this support is likely to open 2820 followed by 2780 as next level of supports. These levels are likely to act as bottom for the day. However unlikely but in extreme cases 2600 would be the next support.