Ethereum Analysis – Support Levels in Play – 31/07/19

Ethereum has seen minor gains in the early part of the week but will need to hold onto $212 levels to avoid another week in the red.
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum Price Support

It’s been a sluggish first half of the week for Ethereum. Following last week’s 9.5% slide, Ethereum was up by just 1.31% Sunday through to Tuesday.

A bullish start to the week saw Ethereum gain 2.12% on Sunday before seeing 2 consecutive days in the red to limit the upside on the week.

Ethereum steered clear of the week’s first major support level at $195.12 on Sunday with a current week low $197.0. Rallying through Sunday and early Monday, Ethereum struck a current week high $215.31 before easing back.

Ethereum came up well short of the week’s first major resistance level at $224.47.

In spite of the upward momentum in the week, Ethereum also continued to fall short of the 23.6% FIB of $257.

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 up by 1.45% to $212.88. A bullish start to the day saw Ethereum rally to an early morning high $213.79 before sliding to a low $209.53.

Steering clear of the major support and resistance levels, Ethereum found support to move back through to $212 levels.

For the remainder of the week

Ethereum would need to hold onto $212 levels to support another run at the first major resistance level at $224.47.

Support from the broader market would be needed, however, for Ethereum to break out from the current week high $215.31.

In the event of a broad-based crypto rally, the 23.6% FIB of $257 would come into play.

Barring a broad-based crypto rally, the first major resistance level at $224.47 and last week’s high $229.85 would likely limit any upside on the week.

Failure to hold onto $212 levels could see Ethereum take another slide. A fall through the current week low $197 would bring the first major support level at $195.12 into play.

Barring a broad-based crypto sell-off, Ethereum would likely steer clear of sub-$190 levels on the week.

In the event of a crypto meltdown, Ethereum would likely test the second major support level at $183.14 before any recovery.

With Ethereum down by 27.7% for the current month to the end of Tuesday, steering clear of sub-$190 levels is key.

Looking at the Technical Indicators

Major Support Level: $195.12

Major Resistance Level: $224.47

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

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