Ethereum Mid-Week Analysis – Resistance Levels in Play – 21/08/19

Ethereum holds onto positive territory for the current week. A slide through to sub-$191 levels would signal another sell-off…
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Ethereum Price Resistance

It’s been a relatively bullish first half of the week for Ethereum. Following last week’s 9.96% slide, Ethereum was up by 5.91% Sunday through Tuesday.

A bullish start to the week saw Ethereum rise to a Monday current week high $203.91 before easing back.

In spite of 2-consecutive days in the green that included a 4.93% rally on Sunday, Ethereum fell short of the first major resistance level at $211.11.

A reversal on Tuesday, saw Ethereum fall by 2.85% to end the day back at sub-$200 levels.

Through the first half of the week, Ethereum also steered well clear of the major support levels. A Sunday current week low $183.31 held well above the first major support level at $165.53.

Of greater significance in the current week, Ethereum continued to fall well short of the 23.6% FIB of $257.

The extended bearish trend, formed at May 2018’s swing hi $828.97 remained firmly intact. Ethereum had 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 0.26% to $196.05. A bearish start to the day saw Ethereum fall from an early morning high $197.17 to a low $195.95.

Ethereum continued to leave the major support and resistance levels untested in the early hours of Wednesday.

For the remainder of the week

Ethereum would need to steer clear of sub-$191 levels to support another move through to $200 levels in the week.

Support from the broader market would be needed, however, for Ethereum to break out from the current week high $203.91.

In the event of a rebound from Tuesday’s pullback, Ethereum would likely test the first major resistance level at $211.11.

Barring a broad-based crypto breakout, however, Ethereum would likely come up short of last week’s high $216.58.

Failure to hold onto $191 levels could see Ethereum give up the current week gains. A slide through to $185 levels would bring sub-$180 levels into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of last week’s low $171 and the first major support level at $165.53.

With Ethereum down by 10.12% for the current month to the end of Tuesday, a move back through to $200 levels is key.

Failure to hold within the $200 range will likely weigh heavily on Ethereum near-term.

Looking at the Technical Indicators

Major Support Level: $165.53

Major Resistance Level: $211.11

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

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