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Ethereum Price Prediction – $5,000 Remains in Play. Avoiding sub-$4,600 Key…

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·2 min read
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Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

The Morning Session

At the time of writing, Ethereum was up by 2.51% to $4,751.

A mixed start to the day saw Ethereum fall to an early morning low $4,606 before making a move. Steering clear of the first major support level at $4,404, Ethereum rallied to a late morning high $4,785.

Falling short of the first major resistance level at $4,812, however, Ethereum slipped back to sub-$4,700 levels before finding support.

For the Afternoon Ahead

Ethereum would need to avoid a fall through the $4,582 pivot to bring the third major resistance level at $4,812 back into play.

Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,785 and return to $4,850 levels.

Barring an extended crypto rally through the afternoon, the first major resistance level and ATH $4,868 would likely cap the upside.

In the event of an extended crypto rally through the afternoon, Ethereum could test resistance at $5,000 levels before any pullback. The second major resistance level sits at $4,990.

A fall through the $4,582 pivot would bring the first major support level at $4,404 into play.

Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,300 levels. The second major support level sits at $4,173.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs this morning. We also saw the 100 pull away from the 200 EMA, delivering further support.

Through the 2nd half of the day, a further widening of the 50 from the 100 and 200 EMAs would bring $5,000 levels into play.

Key through the early afternoon would be to avoid a fall through the day’s $4,582 pivot. Expect plenty of resistance at the ATH $4,868…

This article was originally posted on FX Empire

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