Ethereum rose by 0.91% on Sunday. Following on from a 1.37% gain on Saturday, Ethereum ended the week down 2.65% at $183.88.
Tracking the broader market, Ethereum slid to a late morning intraday low $180.00 before finding support.
Steering clear of the first major support level at $179.74, Ethereum rallied to a late intraday high $186.26.
Ethereum broke through the first major resistance level at $183.96 and the second major resistance level at $185.68.
Late in the day, Ethereum fell back through the major resistance levels to limit the upside on the day.
The extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. A reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.
At the time of writing, Ethereum was down by 0.8% to $182.40. A bearish start to the day saw Ethereum fall from an early morning high $183.95 to a low $182.18.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
A move through to $183.40 levels would support a run at the first major resistance level at $186.76.
Ethereum would need the support of the broader market, however, to break out from Sunday’s high $186.26.
Barring a broad-based crypto rebound later in the day, Ethereum would likely fall short of $190 levels.
The second major resistance level at $189.64 would cap any upside on the day.
Failure to move through to $183.40 levels could see Ethereum slide deeper into the red.
A fall through the morning low $182.18 would bring the first major support level at $180.5 into play.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$180 for a 2nd consecutive day.
Looking at the Technical Indicators
Major Support Level: $180.50
Major Resistance Level: $186.76
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
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