May 18th Technical Analysis: Ethereum
Ethereum slid by 8.41% on Monday. Following a 1.71% decline on Sunday, Ethereum ended the day at $3,283.32.
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A mixed start to the day saw Ethereum rise to an early morning intraday high $3,590.00 before hitting reverse.
Falling short of the first major resistance level at $3,861, Ethereum slid to a late afternoon intraday low $3,108.00.
The sell-off saw Ethereum fall through the 23.6% FIB of $3,369 and the first major support level at $3,327.
Finding late morning support, Ethereum briefly revisited $3,400 levels before falling back to sub-$3,300 levels.
At the time of writing, Ethereum was down by 0.84% to $3,255.74. A mixed start to the day saw Ethereum rise to an early morning high $3,304.18 before falling to a low $3,241.06.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $3,327 pivot and the 23.6% FIB of $3,369 to bring the first major resistance level at $3,546 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,500 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 the second major resistance level at $3,809.
Failure to move through the $3,327 pivot and the 23.6% FIB of $3,369 would bring the first major support level at $3,064 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $2,845.
Looking at the Technical Indicators
First Major Support Level: $3,064
Pivot Level: $3,327
First Major Resistance Level: $3,546
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725