The Morning Session
At the time of writing, Ethereum was up by 3.68% to $4,613.
A mixed start to the day saw Ethereum fall to a mid-morning low $4,351 before making a move. Steering clear of the first major support level at $4,065, Ethereum rallied to a late morning high $4,642.
The late morning rally saw Ethereum break through the first major resistance level at $4,516 and the second major resistance level at $4,583.
For the Afternoon Ahead
Ethereum would need to avoid a fall back to sub-$4,500 levels to bring the third major resistance level at $4,767 into play.
Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,642.
Barring an extended crypto rally through the afternoon, resistance at $4,650 would likely leave Ethereum short of the third major resistance level.
In the event of a broad-based crypto rebound and rally through the afternoon, Ethereum could test resistance at the ATH $4,868.
A fall back through to sub-$4,500 levels and the $4,399 pivot would bring the first major support level at $4,332 into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,300 levels. The second major support level sits at $4,215.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs. We also saw a bullish cross, with the 100 crossing through the 200 EMA.
Through afternoon, a further widening of the 50 from the 100 and would bring $4,800 levels into play.
Key through the early afternoon would be to avoid a fall back through to sub-$4,500 levels.
This article was originally posted on FX Empire