ETH-“Stance: Buy the Dip”

12-Hour Analysis:

Big Picture: ETH remains to be the front-runner in this bullish run. ETH has shown immense strength since its breakout and is continuing to do so.  However now multiple strong resistances are approaching that are likely to trigger strong profit-takings along the way. ETH can test intra-day supports to cool-off before any further continuation.

On Upside, Multiple resistances are now appearing in rapid succession. The initial resistance level is 3500, followed by 3525. Above these intra-day levels, at 3580-3620, there is much tougher resistance. Profit-taking is expected to occur at these levels. However, if the upside pull continues, the important supply zone between 3780 and 3820 will come into play. Unlikely that this will break on initial attempts.

On the Downside first level of support is at 3455, followed by 3410. If price falls below these levels, the next level of support is seen at 3270-3200. These are extremely strong ETH supports that are likely to attract dip buyers once more. However, in the event of a prolonged profit-taking period, ETH might fall as low as 3130-3100. The combination of EMA-50 and EMA-200 also provides a lot of support in this area.