8-Hour Analysis:
Big Picture: ETH is progressively re-entering the resistance zone. This zone at 2975-3020 will be important for the following move. Acceptance over this level is expected to lead to a price continuance towards higher levels, however rejection of this level is likely to expose ETH to recent lows once more. Breakout above the declining channel is essential to ignite extreme excitement.
On Upside At the 2940 level, there is immediate pressure. Breaking above this will almost certainly open the door to another effort at the 2975-3000 zone. The EMA-50 and strong horizontal resistance are perhaps noticed here once more. EMA-50 rejection was previously the reason for a major decline; as a consequence, ETH will need to break over this level in order to prolong its upswing. A successful break above the EMA-50, on the other hand, is projected to open the door to additional upside, with goals of 3045 and 3085.
On Downside Initial support will be evident between 2900 and 2880. This level of support is likely to serve as a good price capping zone. However, if it fails to persist, the price is expected to return to 2810 before moving deeper into the demand zone of 2775-2745.
