April 27th Technical Analysis: Ethereum
Ethereum rallied by 9.11% on Monday. Following on from a 4.78% gain on Sunday, Ethereum ended the day at $2,533.99.
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A mixed start to the day saw Ethereum fall to an early morning intraday low $2,306.03 before making a move.
Steering clear of the first major support level at $2,206, Ethereum rallied to a final hour intraday high $2,541.99.
Ethereum broke through the first major resistance level at $2,398 and the second major resistance level at $2,474 to wrap up the day at $2,500 levels.
At the time of writing, Ethereum was down by 0.97% to $2,509.51. A mixed start to the day saw Ethereum rise to an early morning high $2,550.00 before falling to a low $2,506.03.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the pivot level at $2,461 to support a run at the first major resistance level at $2,615.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,600 levels.
Barring an extended crypto rally, the first major resistance level and last week’s swing hi $2,646.2 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $2,700. The second major resistance level sits at $2,697.
Failure to avoid the $2,461 pivot would bring the first major support level at $2,379 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level at $2,225 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,379
Pivot Level: $2,461
First Major Resistance Level: $2,615
23.6% FIB Retracement Level: $2,041
38.2% FIB Retracement Level: $1,666
62% FIB Retracement Level: $1,061