It’s been a choppy morning for Ethereum after Tuesday’s pullback. A move back through to $4,300 levels would be needed to avoid another day in the deep red.
A bearish start to the day saw Ethereum fall to an early morning low $4,068.24 before making a move.
Steering clear of the first major support level at $4,023, Ethereum rose to a late morning high $4,243.33.
In spite of the late recovery, Ethereum fell well short of the first major resistance level at $4,480.
More significantly, Ethereum also failed to move through the day’s $4,294 pivot level.
For the Afternoon Ahead
Ethereum would need to move through the day’s $4,294 pivot to bring the first major resistance level at $4,480 into play.
Plenty of support would be needed, however, for Ethereum to breakout from $4,300 levels.
Barring an extended crypto rally through the afternoon, the first major resistance level and resistance at $4,500 would likely cap the upside.
In the event of another extended rally through the afternoon, Ethereum could test the second major resistance level at $4,751.
Failure to move through the $4,294 pivot would bring the first major support level at $4,023 back into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$3,900 levels.
The second major support level sits at $3,837.
Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and 200 EMAs this morning. We also saw the 100 pull further back from the 200 pointing to further downside ahead.
Through the 2nd half of the day, a narrowing of the 50 on the 100 EMA would be needed to bring $4,300 levels back into play.
Key through the late morning and early afternoon, however, would be to move through the day’s $4,294 pivot.
A fall back through to sub-$4,100 levels would bring sub-$4,000 support levels into play…