It’s been a choppy start to the week for Ethereum. Following last week’s 23.8% rally to $178 levels, Ethereum is up by 0.53%, Monday through Tuesday.
A particularly bullish start to the week saw Ethereum strike an early Monday morning current week high $187.62 before sliding back.
Coming up short of the week’s first major resistance level at $190.36, Ethereum slid to a Monday current week low $174.07.
Steering well clear of the week’s major support levels, Ethereum managed a return to $180 levels before falling back to $174 levels.
The bullish start to the week saw Ethereum gain 3.33% before sliding by 2.72% on Tuesday. In spite of the choppy week, Ethereum managed to break through to $180 levels for the first time since 18th November. Ethereum is up by 34.6% year-to-date, most of which came off the back of last week’s crypto rally.
While it’s been relatively bullish across the broader market, 18th November was when Ethereum was in mid-sell-off on the way to its December swing lo $80.6.
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 may test investor resilience down the track.
At the time of writing, Ethereum was up by 0.87% to $177.36. A relatively bullish start to the day saw Ethereum rise from a morning low $175.04 to a high $177.89. The day’s major support and resistance levels were left untested in the early hours.
A move back through to $180 levels mid-week would support another run the first major resistance level at $190.36. Support from the broader market would be needed, however, for Ethereum to break through this week’s high $187.62.
Barring a broad-based crypto rally, we expect Ethereum to struggle to break out from $180 levels going into the weekend.
Failure to move back through to $180 levels could see Ethereum give up gains from the early part of the week.
A slide back through the current week low $173.95 would bring sub-$170 levels into play. Barring a crypto meltdown, we would expect Ethereum to steer well clear of the first major support level at $149.07.
While a move back through to $180 levels would support a continuation of the Ethereum recovery, a slide through to $164 levels would signal a possible return to sub-$150s going into the weekend.
Major Support Level: $149.07
Major Resistance Level: $190.36
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543