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.
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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.
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