Ethereum rallied by 6.93% on Wednesday. Following on from a 0.29% gain from Tuesday, Ethereum ended the day at $193.26.
A mixed start to the day saw Ethereum fall to an early morning intraday low $179.20 before making a move.
Steering clear of the first major support level at $177.06, Ethereum rallied to a late intraday high $196.09.
Ethereum broke through the first major resistance level at $184.94 and second major resistance level at $189.06.
In spite of a pullback in the final hour, Ethereum managed to hold onto $190 levels for the 1st time since the late September sell-off.
The extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. A reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.
At the time of writing, Ethereum was up by 0.42% to $194.08. A mixed start to the day saw Ethereum fall to an early morning low $191.78 before striking a morning high $194.59.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to hold onto $190 levels to support a run at the first major resistance level at $199.83.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $196.09.
Barring a broad-based crypto rally, the first major resistance level at $199.83 would likely cap any upside.
In the event of a breakout, Ethereum could test the second major resistance level at $206.41 before any pullback.
Failure to hold onto $190 levels could see Ethereum hit reverse. A fall through to $189.5 levels would bring the first major support level at $182.94 into play.
Barring a crypto meltdown, Ethereum should steer well clear of sub-$180 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $182.94
Major Resistance Level: $199.83
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
A mixed start to the day saw Ethereum fall to […]