Ethereum Price Prediction – Bulls Need $3,900 to Avoid another Day in the Red. Avoiding sub-$3,600 Key
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 2nd half of the day.
The Morning Session
At the time of writing, Ethereum (ETH) was up by 0.71% to $3,811.
A mixed start to the day saw Ethereum rise to an early morning high $3,833 before hitting reverse. Falling short of the first major resistance level at $4,067, Ethereum slid to a mid-morning low $3,687.
The extended sell-off saw Ethereum slide through the 23.6% FIB of $3,728. Steering clear of the first major support level at $3,581, however, Ethereum broke back through the 23.6% to revisit $3,820 levels before easing back.
Key through the late morning was avoiding a fall through to sub-$3,600 levels.
For the Afternoon Ahead
Ethereum would need to move through the $3,863 pivot to bring the first major resistance level at $4,067 into play. Plenty of support would be needed, however, for Ethereum to break out from $3,850 levels.
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 resistance at $4,300 levels. The second major resistance level sits at $4,349.
Failure to move through the $3,863 pivot would bring 23.6% FIB of $3,738 and the first major support level at $3,581 back into play. Barring an extended sell-off, however, Ethereum should avoid sub-$3,500 levels. The second major support level sits at $3,377.
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 2nd half of the day, a continued pullback of the 50 from the 100 would give the bears a look at sub-$3,600 and the first major support level.
For the bulls, a move back through to $3,900 would be needed to avoid another day in the deep red.