An ETH Move back Through $4,000 Would Support a Run at $4,300

This is the mid-session tech analysis for Ethereum (ETH). 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 2^nd half of the day.

The Morning Session

At the time of writing, Ethereum (ETH) was down by 2.18% to $3,871.

A mixed start to the day saw Ethereum rise to an early morning high $3,995 before hitting reverse. Falling well short of the first major resistance level at $4,065, Ethereum slid to a late morning intraday low $3,850.

Ethereum fell through the first major support level at $3,901. Finding support at the second major support level at $3,845, however, Ethereum briefly revisited $3,890 levels before easing back. The first major support level at $3,901 pegged Ethereum back in the late morning.

For the Afternoon Ahead

Ethereum would need to move back through the first major support level and through the $4,009 pivot to bring the first major resistance level at $4,065 into play. Plenty of support would be needed, however, for Ethereum to break back through to $4,000 levels.

Barring an extended crypto rally through the afternoon, the first major resistance level and Thursday’s high $4,116 would likely cap the upside. In the event of a breakout, however, Ethereum could test at $4,300 before any pullback. The second major resistance level sits at $4,172.

Failure to move back through the first major support level and through the $4,009 pivot would bring the second major support level at $3,845 back into play. Barring an extended sell-off, however, Ethereum should avoid the 23.6% FIB of $3,738. The third major support level sits at $3,682.

Looking beyond the support and resistance levels, we saw the 50 EMA converge on the 100 EMA through the morning. We also saw the 50 and the 100 EMAs pull back from the 200, delivering further pressure.

Through the 2^nd half of the day, a bearish cross of the 50 through the 100 would bring sub-$3,800 levels into play.

For the bulls, move through the day’s $4,009 pivot and a return to $4,100 levels would be needed to avoid another day in the red.

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