It’s been a bearish morning. Avoiding a fall back through the day’s pivot, however, would give the bulls a run at $4,700…
At the time of writing, Ethereum, ETH to USD, was down by 1.12% to $4,292.98.
Ethereum rose to an early morning high $4,359.88 before falling to a current day low $4,219.11.
Relatively range-bound, Ethereum left the major support and resistance levels untested through the morning.
Key, however, was a move back through the day’s $4,265.
For the Afternoon Ahead
Ethereum would need to avoid a fall back through the day’s $4,265 pivot to bring the first major resistance level at $4,467 into play.
Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,359.88.
Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap the upside.
In the event of another extended rally through the afternoon, Ethereum could test resistance at $4,700 levels. The second major resistance level sits at $4,592.
Ethereum would need plenty of support, however, to breakout from $4,350 levels.
A fall back through the $4,265 pivot would bring the first major support level at $4,139 into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,000 levels and the second major support level at $3,937.
Looking beyond the support and resistance levels, we saw the 50 EMA converge on the 100, with the 100 EMA flattening on the 200 EMA.
Through the 2nd half of the day, a bullish cross of the 50 through the 100 EMA would bring $4,700 levels into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through the day’s $4,265 pivot.