Ethereum Price Prediction – Avoiding sub-$4,200 Would Gives the Bulls a Look at $5,000…

·2 min read

At the time of writing, Ethereum was up by 0.14% to $4,305.

A bullish start to the day saw Ethereum rise to an early morning high $4,377 before sliding to a late morning low $4,282.

In spite of the early moves, Ethereum fell short of the first major resistance level at $4,418 while also avoiding the first major support level at $4,065.

For the Afternoon Ahead

Ethereum would need to avoid the day’s $4,184 pivot to bring the first major resistance level at $4,418 back into play.

Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,377.

Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rebound and rally through the afternoon, Ethereum could test resistance at $4,600 levels. The second major resistance level sits at $4,537.

A fall through the $4,184 pivot would bring the third major support level at $4,065 back into play.

Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,000 levels. The second major support level sits at $3,831.

Looking beyond the support and resistance levels, we saw a bullish cross this morning with the 50 EMA crossing through the 100 EMA.

We also saw the 50 and the 100 EMAs narrow on the 200 EMA, providing further support.

Through the 2nd half of the day, a bullish cross of the 50 through the 200 EMA would bring $4,500 levels into play. A 100 EMA bullish cross through the 200 EMA, however, would give the bulls a look at $5,000 levels.

Key through the early afternoon would be to break back through to $4,350 levels. A pullback through the morning low $4,282 and the $4,184 pivot would weigh heavily, however.

This article was originally posted on FX Empire

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