Ethereum Price Prediction – Bulls Eye $5,000. A Stretch but not Unattainable…
At the time of writing, Ethereum, ETH to USD, was up by 2.45% to $4,730.01.
A mixed start to the day saw Ethereum fall to an early morning low $4,616.50 before making a move.
Steering clear of the first major support level at $4,536, Ethereum rallied to a mid-morning intraday high and a new ATH $4,769.47.
Ethereum broke through the first major resistance level at $4,667 and the second major resistance level at $4,721.
In spite of a late morning pullback, Ethereum continued to hold above the second major resistance level.
For the Afternoon Ahead
Ethereum would need to move back through to sub-$4,650 levels to support a run at $4,800 levels.
Support from the broader market will be needed, however, for Ethereum to break out from this morning’s ATH $4,769.47.
Barring an extended crypto rally through the afternoon, resistance at $4,800 would likely leave Ethereum short of the third major resistance level at $4,854.
In the event of another extended rally through the afternoon, Ethereum could test resistance at $5,000.
A fall back through to sub-$4,650 levels and the $4,588 pivot would bring the first major support level at $4,536 into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,500 levels.
The second major support level sits at $4,455.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs this morning. We also saw the 100 EMA pull away from the 200 EMA, delivering further support.
Through the 2nd half of the day, a further widening of the 50 EMA from the 100 and 200 would bring $5,000 levels into play.
Key through the late morning and early afternoon, however, would be to move back through the morning ATH4,769.47.
A fall back through to sub-$4,650 levels could bring sub-$4,500 levels into play…