April 29th Technical Analysis: Ethereum

Ethereum

Ethereum rose by 5.31% on Tuesday. Following on from a 9.11% rally on Monday, Ethereum ended the day at $2,667.86.

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A mixed start to the day saw Ethereum fall to an early morning intraday low $2,484.56 before making a move.

Steering clear of the first major support level at $2,379, Ethereum rallied to a late afternoon intraday high and a new swing hi $2,683.00.

Ethereum broke through the first major resistance level at $2,615 before easing back to $2,605 levels.

Finding late support, however, Ethereum broke back through the first major resistance level to end the day at $2,660 levels.

At the time of writing, Ethereum was up by 0.76% to $2,677.12. A bullish start to the day saw Ethereum rise from an early morning low $2,667.66 to a new swing hi $2,688.12

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to avoid the pivot level at $2,612 to support a run at the first major resistance level at $2,739.

Support from the broader market would be needed, however, for Ethereum to break through to $2,700 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $2,850. The second major resistance level sits at $2,810.

Failure to avoid the $2,612 pivot would bring the first major support level at $2,541 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,413 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,541

Pivot Level: $2,612

First Major Resistance Level: $2,739

23.6% FIB Retracement Level: $2,069

38.2% FIB Retracement Level: $1,689

62% FIB Retracement Level: $1,075

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