ETH-“Stance: Buy the Dip”

8-Hour Analysis:

Big Picture: ETH initiated the corrective reversal as anticipated. Now taking support of the major levels, ideally holding them would favor the aggressive bulls who are still looking at higher targets for ETH. The overheated conditions have been cooled-off to a major extend now. As long as ETH can sustain 2900-3000 levels with strength, the downside risk remains low. Expecting Volatile sessions for the next few days.

On Upside, Intraday resistance is indicated at 3295, with 3330 being the next level. The supply at 3410-3460, however, is the significant breakthrough level. Since early January, this has been limiting the upside, and this level is the reason for the latest profit-taking. To open up more upside, ETH must convincingly break through this level. As a result, the next upside target will be 3620, followed by 3780-3820.

On the Downside key intra-day level of 3275 provided support to ETH. Strong horizontal support was predicted to coincide with the EMA-22 8-hourly at this level. As a result, the downside was well protected, and the decline was restricted. This level will continue to represent the first significant support for the day. If this level of support is broken, the next level is about 3190-3210. This level will most likely react similarly and give adequate support. The 3052-3000 mark is a pivot point for bulls to hold to remain in charge of the trend.