ETH-“Wait and See Approach”

8-Hour Analysis:

Big Picture: ETH is favoring the bearish sentiment and attempting to dive deeper. Mondays, on the other hand, are renowned for price manipulation. As a result, the price may once again move against late sellers. Reclaiming 2880 could serve as confirmation, but a rejection at this level will most likely expose ETH to the lower demand zone.

On Upside From the 2880 level, there will be severe intraday resistance. If this is broken, the price will likely return to 2920. However, the main resistance level for ETH is between 2980 and 3020. To counteract this selling pressure, ETH would need to retake this level. However, a clean break above 3200 would be required for ETH to turn bullish once more.

On the Downside at 2797, intra-day support has been noted. We have demand area below this at 2775-2745. Short-covers are expected at these levels, although lengthy consolidation will be necessary to absorb the selling pressure. However, if this is lost, another round of selling is likely to take place, exposing ETH to a price of 2635.