April 29th Technical Analysis: 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