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Ethereum Daily Tech Analysis

Ethereum rallied 4.78%

Ethereum rallied 4.78% on Sunday. Partly reversing a 6.46% slide from Saturday, Ethereum closed the week in green trading 3.60% up at $2,322.16.

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Reviving from a late morning intraday drop of $2,166.00, Ethereum touched a mid-afternoon intraday high of $2,358.22 before the reverse.

Ethereum found a way through the first major resistance level of $2,339 before sliding back to sub-$2,200 rates.

Marking the first major support level at $2,126, Ethereum broke back through to $2,300 levels to end the day in the green territory.

As of this writing, Ethereum trended up 0.23% at $2,327.50. Ethereum started the day mixed, rising to a high of $2,330.91 early in the morning before dropping to a low $2,306.03.

Ethereum’s major support and resistance levels were left untested.

Plan for the Day Ahead

Ethereum would have to keep away from the pivot level at $2,282 to endorse a run at the first major resistance of $2,398.

Moreover, Ethereum would need support from the broader market in order to surpass the $2,350 levels.

In the event of a breakout, Ethereum would touch resistance at $2,500 levels. The second important resistance level remains at $2,474.

In case Ethereum won’t be able to keep away from $2,282 pivot would place the first major support level at $2,206.

Except for another extended sell-off, however, Ethereum should stick to sub-$2,000 levels. The next major support of $2,082 and the 23.6% FIB of $2,041 should limit the downside.

Technical Indicators Overview

  • First Major Support: $2,206
  • Pivot Level: $2,282
  • First Major Resistance: $2,398
  • 23.6% FIB Retracement: $2,041
  • 38.2% FIB Retracement: $1,666
  • 62% FIB Retracement: $1,061

 

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