For the Afternoon Ahead
Ethereum would need to avoid a fall back through the day’s $4,219 pivot to bring the first major resistance level at $4,370 back into play.
Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,346.42.
Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap the upside.
In the event of another extended rally through the afternoon, Ethereum could test resistance at $4,500 levels. The second major resistance level sits at $4,451.
Failure to avoid a fall back through the $4,219 pivot would bring the first major support level at $4,138 back into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$3,900 levels.
The second major support level at $3,988 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pullback from the 100 and 200 EMAs this morning. We also saw the 100 pull further back from the 200 pointing to further downside ahead.
Through the 2nd half of the day, a narrowing of the 50 on the 100 EMA would be needed to bring $4,300 levels back into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through the day’s $4,219 pivot.
A fall back through to sub-$4,200 levels would bring sub-$4,000 support levels into play…