Ethereum Price Prediction – Bears Look to Test Support at $3,900…

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 2.81% to $4,017.

A choppy start to the day saw Ethereum rise to an early morning high $4,146 before hitting reverse. Falling short of the first major resistance level at $4,216, Ethereum slid to a late morning low $3,952.

The extended sell-off saw Ethereum slide through the first major support level at $4,020 before finding support. Through the late morning, Ethereum briefly moved back through the first major support level before falling back to sub-$4,020 levels.

Key through the late morning was avoiding a fall through to sub-$3,900 levels.

For the Afternoon Ahead

Ethereum would need to move back through the first major support level at $4,020 and the $4,103 pivot to bring the first major resistance level at $4,216 into play. Plenty of support would be needed, however, for Ethereum to break out from this Sunday’s high $4,186.

Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap the upside. In the event of a breakout, however, Ethereum could test the second major resistance level at $4,300. Ethereum would need plenty of support, however, to breakout from $4,250 levels.

Failure to move back through the first major support level and the $4,103 pivot would bring sub-$3,950 levels into play. Barring an extended sell-off, however, Ethereum should avoid sub-$3,900 levels. The second major support level at $3,906 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 200 EMAs. We also saw the 100 EMA pullback from the 200, delivering further downward pressure.

Through the 2^nd half of the day, a continued pullback of the 50 from the 100 would give the bears a look at the second major support level.

For the bulls, a move back through to $4,100 would be needed to avoid a day in the deep red.

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