Ethereum Analysis – Support Levels in Play – 05/06/19

Ethereum sees red through the early part of the week. A move back through the 23.6% FIB would signal a rebound going into the weekend.
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Ethereum Price Support

It’s been a choppy start to the week for Ethereum. Following last week’s 5.26% gain, Ethereum is down by 8.99%, Sunday through Tuesday.

A bullish start to the week saw Ethereum rise to a current week high $274.75 before hitting reverse.

Falling well short of the week’s first major resistance level at $290.55, Ethereum slid to a Tuesday current week low $233.0.

2 heavy days of losses, saw Ethereum fall through the week’s first major support level at $237.22 before finding support.

A 1.68% gain on Sunday was reversed with interest on Monday, with Ethereum sliding by 7.3%.

The Monday pullback saw Ethereum fall through the 23.6% FIB of $257 before Tuesday’s slide through the week’s major support level.

Following a 66.9% rally in May, it’s been a choppy start to the month for Ethereum. The current week pullback through to the end of Tuesday left Ethereum down by 9.99% for the current month.

The extended bearish trend, formed at last May’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall well short of the 38.2% FIB Retracement Level of $367, following December’s swing lo $80.6.

For the bulls, a breakout from the 23.6% FIB of $257 to test the 38.2% FIB of $367 would be needed to form a near-term bullish trend. The bearish start to the month of June could further test support levels before any recovery.

At the time of writing, Ethereum was up by 0.03% to $241.00.

For the remainder of the week

A move through to $245 levels would support a run at the 23.6% FIB Retracement Level of $257.

Ethereum would need support from the broader market, however, to break out from any return to $240 levels.

In the event of a broad-based crypto rebound, a move through to $263 levels would be needed for Ethereum to reverse the current week losses.

We would expect Ethereum to fall short of the first major resistance level at $290.55, however. Last week’s high $288.77 and bearish start to the week will likely cap the upside for the week.

Barring a broad-based crypto rebound, Ethereum will likely come up short of $270 levels on the week.

Failure to move back through to $245 levels could see Ethereum come under more selling pressure.

A fall back through the first major support level at $237.22 could bring $220 levels into play before any recovery.

Barring an extended broad-based crypto sell-off, however, Ethereum will likely steer well clear of the week’s second major support level at $209.67.

Looking at the Technical Indicators

 

Major Support Level: $237.22

Major Resistance Level: $290.55

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

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