4-Hour Analysis:
Big Picture: ETH re-testing the break-out levels before any continuation on the upside. The re-test phase should be limited around 2800-2660 region. Ideally 2800 should react and be the bottom, however if extension of the test is seen then 2660 is likely to be seen once. However, it would be much better if price could test 2660 and bounce back on intra-day terms and manage a closing above 2800. Holding below 2660 will be a bearish invitation.
On Upside, ETH is likely to see first intra-day resistance around 2900 followed by 2950. However it has to climb above 3000 level to trigger the excitement. Stronghold above 3000 is likely to invite aggressive bulls on field who are then likely to pave path towards 3160 initially followed by 3250 and eventually 3400. This level remains to be EMA-200 Daily based key resistance that needs to be reclaimed to open extensive upside.
On the Downside multiple supports between 2850-2800 are observed. These are very strong intra-day supports. However any break below these leads towards 2660. This level needs to be held in-order to keep ETH out of bearish grip as break below 2660 leads towards 2500-2400 initially followed by 2200-2000 and eventually Range Lows around 1700.
