Ethereum Analysis – Now That’s a Rebound – 26/12/18

There’s upward momentum mid-week, with Ethereum needing a move back through to $140 levels to support a run at $160 later in the week.
Ethereum

Ethereum Price Resistance

Following a particularly bullish week last week, which saw Ethereum rally by 54.8% to end the week at $129.61, it’s been a mixed start to the week, with Ethereum seeing a Monday 7.31% gain reverse on Tuesday, with Ethereum sliding by 7.34%.

Going into the middle of the week, Ethereum has managed to steer clear of a pullback to sub-$100 levels to call on support at the week’s major support level at $97.75, with a week low $122.15, a hold above $115 through the early part of the week has been key.

Monday’s upward momentum saw Ethereum strike an early week high $156.04, breaking through the week’s first major resistance level at $147.24 before pulling back to the week low $122.15 struck on Tuesday afternoon.

In spite of the more than 50% gains made last week and hold onto $130 levels mid-week, the extended bearish trend, formed at the end of April’s swing hi $829.97, remained intact following 14th December’s new swing lo $80.6, with Ethereum continuing to fall well short of the 23.6% FIB Retracement Level of $257.

At the time of writing, Ethereum was up 3.97% to $133.94, with support from the broader market driving Ethereum from a start of a day morning low $127.5 to a morning high $136.72 before easing back.

For the week ahead, a move back through to $140 levels would support another break through the week’s first major resistance level at $147.24 to bring $150 levels back into play, while sentiment across the broader market will need to continue to improve to support a run at $160 levels and the week’s second major resistance level at $164.86.

Failure to move back through to $140 levels could see Ethereum hit reverse later in the week, with a pullback through the current week’s low $122.15 to sub-$115 levels likely to bring sub-$100 levels and the week’s first major support level at $97.75 into play before any recovery.

Sentiment across the broader market would need to materially deteriorate for Ethereum to return to sub-$100 levels, however, with last week’s 54.8% rally providing some near-term support, Ethereum having avoided a Monday sell-off.

Looking at the Technical Indicators

  • Major Support Level: $97.75
  • Major Resistance Level: $147.24
  • Fib 23.6% Retracement Level: $257
  • Fib 38% Retracement Level: $367
  • Fib 62% Retracement Level: $543

Most Recent

Top Articles

Popular

10708.0
+512.32
+5.02483%
200.97
+15.240
+8.20546%
0.2862
+0.0108
+3.92157%
320.81
+14.210
+4.6347%
EOSEOS
3.7430
+0.1920
+5.40693%
78.120
+5.0700
+6.94045%