Ethereum Price Prediction – Bears Eye a Return to sub-$4,000 with Support Levels Tested Early
At the time of writing, Ethereum, ETH to USD, was down by 1.32% to $4,206.77.
A choppy start to the day saw Ethereum rise to an early morning high $4,270.34 before hitting reverse.
Falling short of the first major resistance level at $4,380, Ethereum slid to a mid-morning low $4,128.04.
Ethereum fell through the first major support level at $4,194.
Finding support at the second major support level at $4,125, however, Ethereum broke back through the first major support level to return to $4,200 levels.
For the Afternoon Ahead
Ethereum would need to move through the day’s $4,311 pivot to bring the first major resistance level at $4,380 into play.
Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,270.34.
Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap the upside.
In the event of another extended rally through the afternoon, Ethereum could test resistance at $4,500 levels. The second major resistance level sits at $4,497.
Failure to move through the $4,311 pivot would bring the first major support level at $4,194 back into play.
Barring an extended sell-off through the afternoon, however, Ethereum should continue to steer clear of sub-$4,000 levels.
The second major support level at $4,125 should limit the downside.
Looking beyond the support and resistance levels, we saw a bearish cross this morning. The 50 crossed through the 100, with the 100 EMA also pulling back from the 200 EMA.
Through the 2nd half of the day, a further pullback of the 50 from the 100 EMA would bring the major support levels back into play.
Key through the late morning and early afternoon, however, would be to move through the day’s $4,311 pivot to avoid another day in the deep red.
A fall back through to sub-$4,150 levels would give the bears a look at sub-$4,000…