Ethereum Analysis – Resistance Levels in Play – 26/06/19

Ethereum is on the move, with the bulls now eyeing the 38.2% FIB of $367… The Bitcoin rally will need to continue for a run at $350 levels…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum Price Resistance

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.

For the remainder of the week

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.

Looking at the Technical Indicators

 

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

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