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Ethereum Analysis – Resistance Levels in Play – 26/06/19

By:
Bob Mason
Published: Jun 26, 2019, 09:42 UTC

Ethereum is on the move, with the bulls now eyeing the 38.2% FIB of $367... The Bitcoin rally will need to continue for a run at $350 levels...

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Ethereum Price Resistance

It’s been a bullish first half of the week. Following last week’s 14.6% rally, Ethereum was up by 2.62%, Sunday through Tuesday.

A bearish start to the week saw Ethereum fall to an early Monday current week low $296.68 before finding support.

Steering well clear of the first major support level at $274.48, Ethereum rallied to a Tuesday high $317.4.

In spite of 3 consecutive days in the green, Ethereum came up short of the first major resistance level at $329.02.

Following a 66.9% rally in May, Ethereum was up by 18.3%. After a choppy start to the month, Ethereum managed to recover from a fall back through the 23.6% FIB of $257 to a June low $226.56.

The extended bearish trend, formed at last May 2018’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall short of the 38.2% FIB Retracement Level of $367, following December’s swing lo $80.6.

For the bulls, a breakout from the 38.2% FIB of $367 would be needed to form a near-term bullish trend.

At the time of writing, Ethereum was up by 5% to $332.43. The Wednesday morning rally saw Ethereum break through the first major resistance level at $329.02 to a current week high $339.0.

ETH/USD 26/06/19 Weekly Chart

For the remainder of the week

A move back through the Wednesday morning current week high $339.0 would support a run at $350 levels.

Ethereum would need the support of the broader market, however, to break out from $340 levels.

In the event of a broad-based crypto rebound, a breakthrough the second major resistance level at $349.55 would bring the 38.2% FIB of $367 into view. A hold above the first major resistance level at $329.02 would be key mid-week.

A Bitcoin break through to $13,000 levels would give Ethereum momentum through the latter part of the week.

For the current week, however, we would expect Ethereum to come up short of $360 levels.

Failure to move back through the current week high $339.0 could see Ethereum give up some of the current week gains.

A fall through to sub-$325 levels could see Ethereum pullback to $315 levels before any recovery.

Barring a broad-based sell-off in the 2nd half of the week, however, Ethereum should steer well clear of the first major support level at $274.48.

In the event of a broad-based crypto reversal, Ethereum could visit $280 levels before any recovery.

Looking at the Technical Indicators

Major Support Level: $274.48

Major Resistance Level: $329.02

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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