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.
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.
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