ETH – “Wait and See Approach”

4-Hour Analysis:

Big Picture:  Break of consolidation phase led towards an explosive move on the downside. ETH tested major supports and took support partially. However total price action looks to be in a macro consolidation phase. Expecting choppy and indecisive price action for the day. Traders should take positions on the extremes and avoid the middle ground.

On Upside, first intra-day resistance is observed at 2950 level followed by 3000 level that is likely to act as a swift resistance for the day. Max upside for the day is seen between 3170-3200.

On the Downside 2880 is first intra-day support followed by 2810. ETH is likely to chop in-between these levels. However, if these supports are breached, the next significant support levels are likely to be 2650 and 2540.