The Morning Session
At the time of writing, Ethereum was down by 1,08% to $4,538.
A mixed start to the day saw Ethereum rise to an early morning high $4,623 before falling to a low $4,455.
While falling short of the first major resistance level at $4,739, Ethereum fell through the first major support level at $4,481 before briefly revisiting $4,600 levels.
A late morning pullback, however, saw Ethereum briefly fall back to sub-$4,500 levels.
For the Afternoon Ahead
Ethereum would need to move through the $4,633 pivot to bring the first major resistance level at $4,739 into play. Plenty of support would be needed, however, for Ethereum to breakout from $4,650 levels.
Barring an extended crypto rally through the afternoon, the first major resistance level and Wednesday’s high $4,785 would likely cap the upside. In the event of a breakout, however, Ethereum should test the ATH $4,868. The second major resistance level sits at $4,890.
Failure to move through the $4,633 pivot would bring the first major support level at $4,481 back 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 at $4,375 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning. We also saw the 100 pull away marginally from the 200 EMA, however, limiting the damage.
Through the 2nd half of the day, a widening of the 50 from the 100 and 200 EMA would bring $4,800 levels into play.
Key through the early afternoon would be to move through the day’s $4,633 pivot. Expect plenty of resistance at $4,650…