Yahoo Finance Ethereum Price Prediction – Bulls Eye $4,500. A Breakout from $4,250 Key, however
Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
Ethereum Morning Session
At the time of writing, Ethereum was down by 3.02% to $4,076.
A mixed start to the day saw Ethereum rose to an early high $4,210 before hitting reverse. Falling well short of the first major resistance level at $4,294, Ethereum fell to a late morning low $3,913.
Ethereum fell through the first major support level at $4,075 and the second major support level at $3,947 before finding support. Through the late morning, Ethereum broke back through the major support levels with a return to $4,070 levels.
Key through the late morning was a avoiding a fall to sub-$3,900 levels.
For the Afternoon Ahead
Ethereum would need to move back through the $4,166 pivot to bring the first major resistance level at $4,294 into play. Plenty of support would be needed, however, for Ethereum to break out from Sunday’s high $4,257.
Barring an extended crypto rally through the afternoon, the first major resistance level and resistance at $4,300 would likely cap the upside. In the event of a breakout, however, Ethereum should test resistance at $4,500 levels. The second major resistance level sits at $4,385.
Failure to move back through the $4,166 pivot and a fall back through the first major support level at $4,075 would bring the second major support level at $3,947 back into play. Barring an extended sell-off, however, Ethereum should continue to avoid sub-$3,900 levels.
Looking beyond the support and resistance levels, we saw the 50 EMA pull back from the 100 and 200 EMAs through the morning. We also saw the 100 pull back marginally from the 200 EMA, delivering further downward pressure.
Through the 2nd half of the day, a narrowing of the 50 on the 100 would bring $4,300 levels into play.
Key through the early afternoon would be to move back through to $4,166 pivot. A return to $4,300 levels would bring $4,500 levels into play.
This article was originally posted on FX Empire
