Ethereum Price Prediction – A Move Back to $4,650 Would Bring $5,000 into Play
It’s been a mixed morning for crypto majors, with Ethereum struggling through the morning.
At the time of writing, Ethereum, BTC to USD, was down by 2.04% to $4,512.04.
A mixed start to the day saw Ethereum rise to an early morning high $4,610.24 before hitting reverse.
Falling short of the first major resistance level at $4,700, Ethereum fell to a late morning low $4,485.90.
Finding support at the first major support level at $4,484, however, Ethereum revisited $4,550 levels before easing back.
For the Afternoon Ahead
Ethereum would need to move back through the $4,578 pivot to bring the first major resistance level at $4,700 into play.
Support from the broader market will be needed, however, for Ethereum to breakout from Wednesday’s ATH $4,670.98.
Barring an extended crypto rally, the first major resistance at $4,700 would likely cap any upside.
In the event of another extended rally through the afternoon, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $4,793.
Failure to move back through the $4,578 pivot would bring the first major support level at $4,484 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 $4,363 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA flatten on the 100 and 200 EMAs this morning. We also saw the 100 EMA flatten on the 200 EMA.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 would bring $5,000 levels into play. Ethereum would need plenty of support to breakout from the ATH $4,670.98.
Key through the early afternoon, however, would be to move back through the $4,578 pivot.