8-Hour Analysis:
Big Picture: ETH faced strong rejection of EMA level and printed an evening star pattern. This demonstrates that current strength is being viewed as a selling opportunity, and the pressure is still present. As long as it remains in the declining channel, ETH is expected to continue in a bearish trend. To revoke a bullish turnaround, ETH must break out above the channel in a bullish approach.
On Upside The initial resistance level is 2900, followed by 2925. If ETH regains these levels, it may be possible to attempt the 2975-3000 mark once more. Strong horizontal resistance and the EMA-50 can be seen here once more. EMA-50 rejection was previously the catalyst for a strong drop; as a result, this will be a significant level for ETH to breach in order to extend its upside. However, a successful break above the EMA-50 is expected to open the door to more upside, with targets of 3045 and 3085.
On Downside ETH is establishing a double bottom formation right now. A break over 3085 is required to confirm this further. However, first support is presently detected at 2888. If this is broken, ETH will be exposed once more to the 2810 level and into the Demand Zone. The demand zone between 2775 and 2745 has currently prompted a robust bounce, making it an important and powerful support for the coming session.
