8-Hour Analysis:
Big Picture: ETH has been consolidating at these levels for a few days now. This consolidation, on the other hand, benefits bulls, who are refusing to let the price decrease despite the fact that the indications have been badly burned out. This demonstrates that the bulls’ momentum is still strong. If ETH can re-test and bounce off the 3100-3000 levels, this momentum might convert into a medium-term bull trend. Bears, on the other hand, need to break through the 3000 mark to reverse the trend.
On Upside, The strong supply zone is still putting a limit on ETH. Since early January, this level has been a huge obstacle for Ethereum. To have any possibility of additional gain, bulls need to retake above this level. If they can break and maintain above this level, ETH is expected to hit 3620 in the following days, followed by next levels at 2780-2820.
The Downside ETH needs mean reversion towards trending EMA’s before continuation to the upside. EMA-22 and 32 8-hourly have acted as major trend drivers for a few months now. Upon re-test these levels are likely to act as good supports now. However first intra-day support is seen at 3350 area followed by 3270 level. This is where EMA-22 8-hourly is seen, as a result expect this level to act as a decent support moving into the day. However if breached the next strong support region rests between 3190-3210 area. This level coincides with EMA-32 which is an even strong support EMA then EMA-22. These levels are likely to trigger fresh intra-day buying’s.
