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.
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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.
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