For the Afternoon Ahead
Ethereum would need to avoid a fall back through the day’s $4,146 pivot to bring the first major resistance level at $4,267 into play.
Plenty of support would be needed, however, for Ethereum to breakout from the morning high $4,241.04.
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 $4,444.
Ethereum would need plenty of support, however, to breakout from $4,350 levels.
A fall back through the $4,146 pivot would bring the first major support level at $3,968 into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of the 23.6% FIB of $3,738.
The second major support level at $3,847 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA flatten on the 100, with the 100 EMA also flattening on the 200 EMA.
Through the 2nd half of the day, a further narrowing of the 50 on the 100 EMA would bring $4,350 levels into play.
Key through the late morning and early afternoon, however, would be to avoid a fall back through the day’s $4,146 pivot to avoid another day in the deep red.
A move through to $4,350 levels would give the bulls a look at sub-$4,500…