For the Afternoon Ahead
Ethereum would need to move back through the $4,694 pivot to take another run at the first major resistance level at $4,811.
Plenty of support would be needed, however, for Ethereum to breakout back through to $4,800 levels.
Barring an extended crypto rally through the afternoon, the first major resistance level and Wednesday’s ATH4,867.81 would likely cap the upside.
In the event of another extended rally through the afternoon, Ethereum could test resistance at $5,000. The second major resistance level sits at $4,899.
Failure to move back through the $4,694 pivot would bring the first major support level at $4,606 back into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,500 levels.
The second major support level sits at $4,489.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning. We also saw the 100 EMA narrow marginally on the 200 EMA, placing further pressure.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 would bring $4,800 levels into play.
Key through the late morning and early afternoon, however, would be to move back through the $4,694 pivot.
A fall back through to sub-$4,600 levels would bring sub-$4,600 support levels into play…
An early afternoon break through Ethereum’s ATH would give the bulls a look at $5,000…