Ethereum Price Prediction – Bulls Need a Move Through $4,400 to Bring $4,600 into Play
This is the mid-session tech analysis for Ethereum. We will be looking at movements through the morning session and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the EMAs and the key levels for the 2nd half of the day.
The Morning Session
At the time of writing, Ethereum was down by 0.69% to $4,281.
After a mixed start to the day, Ethereum rose to a late morning high $4,390 before hitting reverse. Falling short of the first major resistance level at $4,410, Ethereum slid to a late morning low $4,234. Finding support at the first major support level at $4,236, however, Ethereum revisited $4,280 levels before easing back.
Key through the late morning was a avoiding a fall through to sub-$4,200 levels.
For the Afternoon Ahead
Ethereum would need to move back through the $4,335 pivot to bring the first major resistance level at $4,410 back into play. Plenty of support would be needed, however, for Ethereum to break out from this morning’s high $4,390.
Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap the upside. In the event of a breakout, however, Ethereum should test resistance at $4,600 levels. The second major resistance level sits at $4,508.
Failure to move back through the $4,335 pivot would bring the first major support level at $4,236 back into play. Barring an extended sell-off, however, Ethereum should continue to avoid sub-$4,000 levels. The second major support level at $4,163 should limit the downside.
Looking beyond the support and resistance levels, we saw a bullish cross early on, with the 50 EMA crossing through the 200 EMA. Through the late morning, the 50 converged back on the 200 EMA, however, with a bearish cross in play, leading to the late morning pullback.
Through the 2nd half of the day, avoiding a bearish cross of the 50 back through the 200 would bring $4,400 levels into play. A bullish cross of the 100 through the 200 would give the bulls a run at $4,600 levels.
Key through the early afternoon would be to move back through the $4,335 pivot and return to $4,400 levels.
Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
This article was originally posted on FX Empire
