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.