Ethereum Price Prediction – A Move Back Through to $4,550 Would Support a Run at $4,700 Levels
It’s been a mixed first half of the day for crypto majors, with Ethereum struggling through the morning.
At the time of writing, Ethereum, ETH to USD, was down by 0.59% to $4,510.53.
A mixed start to the day saw Ethereum rise to a mid-morning high $4,574.00 before hitting reverse.
Falling short of the first major resistance level at $4,624, Ethereum fell to a mid-day low $4,457.22.
Steering clear of the first major support level at $4,437, however, Ethereum returned to $4,500 levels.
For the Afternoon Ahead
Ethereum would need to move back through the $4,524 pivot to bring the first major resistance level at $4,624 into play.
Support from the broader market will be needed, however, for Ethereum to break back through to $4,600 levels.
Barring an extended crypto rally, the first major resistance at $4,624 would likely cap any upside.
In the event of another extended rally through the afternoon, Ethereum could test the second major resistance level at $4,711. Ethereum would need plenty of support, however, to breakout from the ATH $4,670.98.
Failure to move back through the $4,524 pivot would bring the first major support level at $4,437 back into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,200 levels.
The second major support level at $4,336 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 saw the 100 EMA pull away marginally from the 200 EMA, however.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 would bring $4,700 levels into play.
Key through the late morning and early afternoon, however, would be to move back through the $4,524 pivot.