Ethereum Price Support
It’s been a mixed start to the week for Ethereum. Following last week’s 2.52% gain, Ethereum is up by just 0.05% for the current week, Monday through Tuesday. A bullish start to the week saw Ethereum strike an early Monday morning current week high $141.3 before hitting reverse.
Falling short of the week’s first major resistance level at $147.80, Ethereum slid to a Monday current week low $135.67 before finding support. In spite of the Monday reversal, Ethereum steered well clear of the first major support level at $127.76.
The choppy moves through Monday left Ethereum down by 0.77% before gaining 0.83% on Tuesday to reverse the losses.
Tuesday’s gains came in spite of Ethereum failing to move back through to $140 levels. While Ethereum sits in positive territory for the current year, up by 5.73% year-to-date, Ethereum sits well short of the current year’s high $165.62 struck in late February. Resistance at $140 has pinned Ethereum back from a breakout this month.
The extended bearish trend, formed at last May’s swing hi $828.97, remains firmly intact. Ethereum continues to fall well short of the 23.6% FIB Retracement Level of $257, following December’s swing lo $80.6.
The good news is that Ethereum has managed to make up significant ground since December’s swing lo. The bad news is that the lack of activity in the ICO market will continue to limit the upside near-term.
At the time of writing, Ethereum was down by 0.94% to $136.85. A particularly bearish start to the day saw Ethereum slide from a morning high $138.41 to a low $136.43.
Ethereum steered clear of the week’s first major support level at $127.76, whilst also falling well short of the first major resistance level at $147.80.
For the remainder of the week
A move back through to $137.5 levels in the middle part of the week would signal upward momentum going into the weekend. Ethereum would need support from the broader market, however, to break back through to last week’s high $147.23.
Barring a broader-based crypto rally, we would expect Ethereum to come up short of the week’s first major resistance level at $147.80.
In the event of a broad-based crypto rally, Ethereum will likely breakthrough to $148 levels before any pullback.
Failure to move back through $137.50 levels could see Ethereum hit reverse going into the weekend. A slide through the current week low $135.67 would bring $132 levels into play before any recovery. Barring a crypto sell-off, however, we would expect Ethereum to avoid sub-$130 levels.
In the event of a sell-off, we would expect Ethereum to test the first major support level at $127.76 before any recovery. Ethereum would unlikely test sub-$127 levels in the event of a sell-off.
Looking at the Technical Indicators
Major Support Level: $127.76
Major Resistance Level: $147.80
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543