4-Hour Analysis:
Big Picture: ETH tested intra-day resistance level between 3150-3250. There are multiple resistances between these levels for ETH. Profit-Taking can be seen at these levels. However if ETH can climb above 3260 then another move towards 3400-3450 followed by Supply Zone at 3780-3820 can be seen in coming days. Keeping this in view that these are extension moves now without any major re-test which leaves confirmations as a concern. For a much stronger and confirmation based trend ETH should ideally test and bounce of 3000-2900 level.
On Upside 3150-3250 is acting as first major resistance. This is an area of multiple confluence resistance including EMA-50 Daily at 3165 as well. However if ETH can manage to climb above EMA-50 Daily then we can expect price to test EMA-200 on Daily at 3410.
On the Downside, first intra-day support is seen at 3000 followed by 2900 level. A successful re-test is needed to further strength the bulls. A successful re-test will lead towards extensive upsides in coming weeks to months. To negate this scenario now bears still need to protect any daily closing above 3400 level and push prices back below 2800 and hold below, doing so would re-strengthen bears once more and make this re-test into a deviation which will act as check-made for Bulls.
