6-Hour Analysis:
Big Picture: In the second wave of selling, ETH is nearing the end of the bear flag. Price is approaching strong support zones, where aggressive short-coverings are expected. In previous reports, we had issued caution about ETH. Sellers are now encouraged to exercise cautious. The significance key supports are about to be challenged, and a reaction is likely, thus late sellers may be punished.
On Upside, The initial resistance for the day is visible at 3080, followed by 3130. Between 3165 and 3200, the next resistance zone will be seen. To put an end to this aggressive selling, ETH needs to retake this level. Maintaining above this level, on the other hand, will be a positive sign, potentially bringing ETH back to 3300-3320.
On Downside the intra-day supports at 3085-3050 are currently being challenged by ETH. If these levels hold, it will be a positive sign; otherwise, further fall is anticipated. If these supports are lost during the next few hours, ETH could challenge the 3000 mark. If this level is not held, look for 2900-2880 as the next target. Strong supports can be observed here, limiting any additional decline and perhaps completing the corrective cycle partially.
