4-Hour Analysis:
Big Picture: ETH showed impressive strength over the weekend as well. An important thing to look here is that ETH has not lost any great momentum even after being hit with multiple strong resistances. However the “Turbulent Zone” is still not over but for ETH things are starting to look better which can accelerate once we start to stronghold above 3052 region. One thing to add here is that since early December this the first time we are heading towards sustaining a Golden Cross Formation between EMA-200 and EMA-50 on 4-Hour time period.
On Upside, On the Daily, ETH has recaptured the EMA-50 level. Going forward, this is a significant win for bulls, who now need to break over 3052 in order to re-establish new upside targeting the EMA-200 Daily at 3140. This level will most likely operate as a crucial resistance, and a break above it would likely lead to 3200-3400 in the short term, followed by 3550-3800 in the medium haul.
On Downside the formation of various supports is progressing. 2830 is the first significant support level. This is the EMA-50 Daily level, which is going to act as a solid support. Then there’s 2750, which is the next crucial support level. It’s critical to keep this level intact, as a break below it will reopen 2675, then 2600. These intra-day levels should function as good intra-day supports. However, 2520 and 2490 continue to have far greater support.
