At the time of writing, Ethereum, ETH to USD, was up by 1.63% to $4,340.
Ethereum rose to an early morning low $4,250 before rising to a late morning high $4,345.
In spite of the early moves, however, Ethereum left the major support and resistance levels untested. For the bulls, an early move through the day’s $4,267 pivot was key.
For the Afternoon Ahead
Ethereum would need to avoid a fall back through the day’s $4,267 pivot to bring the first major resistance level at $4,364 back into play.
Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,347.
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 $4,457.
A fall back through the $4,267 pivot would bring the first major support level at $4,173 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 at $4,076 should limit the downside.
Looking beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA crossing through the 100 and narrowing on the 200 EMA.
We also saw the 100 EMA narrow marginally on the 200, delivering 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.
Key through the late morning and early afternoon, however, would be to avoid a fall back through the day’s $4,267 pivot.
This article was originally posted on FX Empire