ETH-“Volatility Ahead”

4-Hour Analysis:

Big Picture: Price got heavy towards the resistance zone and was unable to sustain the pressure, eventually collapsed towards lower time-frame range lows once more. As a result, the range-bound situation persists, with prices remaining trapped inside a limited range of about 200$ points. This condition is likely to change in the future as price searches for hidden liquidities below and above the range.

On Upside Eth was rejected somewhat sooner than the range and hit another barrier at 3080. However, the initial resistance now occurs in at 2000, followed by 2030. Above these, new resistance are seen at 3080, followed by 2110 and 2145. These levels have been resisting since May 11th, making them firm and must break levels for the upside to continue. In this zone between 2145 and 2390, Eth faces a number of challenges. Above 2145, the next level of resistance in the form of the EMA-100, detected at 2170. Above that we have 2220 as next upside resistance, followed by 2315, and ultimately 2390.

On the Downside 1950 returned as a firm support level, preventing further drop. This is still a good support level, however if it is breached, the next support level is 1915. Breaking 1915 exposes Eth to 1880-1870 and possibly towards range lows at 1720-1700.