Ethereum Analysis – Support Levels in Play – 24/07/19

Ethereum is eyeing a 4th consecutive week in the red as 4-consecutive days in the red brings sub-$200 levels into play…
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Ethereum Price Support

It’s been a bearish first half to the week for Ethereum. Following last week’s 14.9% slide, Ethereum was down by 7.4% Sunday through Tuesday.

It was 3-consecutive days in the red, with a 1.42% fall on Sunday being the most modest of losses on the week so far.

A start of the week current week high $229.85, stuck on Sunday saw Ethereum fall well short of the first major resistance level at $269.24. Of greater significance was Ethereum’s falling short of the 23.6% FIB of $257 through the 1st half of the week.

The 3-days in the red saw Ethereum fall to a Tuesday current week low $208.43 before finding support to end the day at $211.93.

Ethereum managed to steer clear of the first major support level at $189.33 in spite of the pullback.

The extended bearish trend, formed at 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, before the slide back through the 23.6% FIB of $257.

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 down by 2.65% to $206.31. Another bearish start to the day saw Ethereum fall from an early morning high $212.2 to a new current week low $200.5.

Ethereum managed to avoid sub-$200 levels and the week’s first major support level at $189.33 early on. The early moves were pointing towards a 4th consecutive day in the red, however.

Another weekly loss would make it 4-weeks-in-a-row for Ethereum that has tumbled back from a late June high $364.49.

[fx-image src=https://www.tradingview.com/x/EALKUBhz/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/EALKUBhz/]

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For the remainder of the week

Ethereum would need to steer clear of sub-$200 levels and move through to $230 levels to support a rebound.

A move through to $230 levels would bring the first major resistance level at $269.24 into play. Ethereum would need the support of the broader market, however, to break through the 23.6% FIB of $257.

In the event of a broad-based crypto rally, Ethereum could move through last week’s high $270 before any pullback.

Barring a crypto rally going into the weekend, however, the 23.6% FIB of $257 would likely cap any upside in the event of a bounce back.

We would expect Ethereum to fall short of the second major resistance level at $309.58 in the week.

Failure to move through to $230 levels could see Ethereum slide back to sub-$200 levels before any recovery.

In the event of an extended broad-based crypto reversal, Ethereum would likely test the first major support level at $189.33.

Barring a crypto meltdown, however, Ethereum should steer well clear of sub-$180 support levels.

Looking at the Technical Indicators

Major Support Level: $189.33

Major Resistance Level: $269.24

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

 

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