It’s been a bullish first half of the week. Following last week’s 14.6% rally, Ethereum was up by 2.62%, Sunday through Tuesday.
A bearish start to the week saw Ethereum fall to an early Monday current week low $296.68 before finding support.
Steering well clear of the first major support level at $274.48, Ethereum rallied to a Tuesday high $317.4.
In spite of 3 consecutive days in the green, Ethereum came up short of the first major resistance level at $329.02.
Following a 66.9% rally in May, Ethereum was up by 18.3% in June. After a choppy start to the month, Ethereum managed to recover from a fall back through the 23.6% FIB of $257 to a June low $226.56.
The extended bearish trend, formed at last May 2018’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall short of the 38.2% FIB Retracement Level of $367, following December’s swing lo $80.6.
For the bulls, a breakout from the 38.2% FIB of $367 would be needed to form a near-term bullish trend.
At the time of writing, Ethereum was up by 5% to $332.43. The Wednesday morning rally saw Ethereum break through the first major resistance level at $329.02 to a current week high $339.0.
A move back through the Wednesday morning current week high $339.0 would support a run at $350 levels.
Ethereum would need the support of the broader market, however, to break out from $340 levels.
In the event of a broad-based crypto rally, a breakthrough the second major resistance level at $349.55 would bring the 38.2% FIB of $367 into view. A hold above the first major resistance level at $329.02 would be key mid-week.
A Bitcoin break through to $13,000 levels would give Ethereum momentum through the latter part of the week.
For the current week, however, we would expect Ethereum to come up short of $360 levels.
Failure to move back through the current week high $339.0 could see Ethereum give up some of the current week gains.
A fall through to sub-$325 levels could see Ethereum pullback to $315 levels before any recovery.
Barring a broad-based sell-off in the 2nd half of the week, however, Ethereum should steer well clear of the first major support level at $274.48.
In the event of a broad-based crypto reversal, Ethereum could visit $280 levels before any recovery.
Major Support Level: $274.48
Major Resistance Level: $329.02
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543