Ethereum rallied by 4.15% on Monday. Partially reversing a fell by 7.9% on Sunday, Ethereum ended the day at $145.91.
Tracking the broader market, Ethereum tumbled to an early morning intraday low $131.8 before finding support.
Ethereum fell through the first major support level at $134.62 before rallying to a late afternoon intraday high $151.69.
Moving back through the first major support level, Ethereum broke through the first major resistance level at $149.28.
A return to $151 levels was short-lived, however, with Ethereum sliding back to $145 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 up by 0.83% to $147.12. A bearish start to the day saw Ethereum fall to an early morning low $144.32 before striking a high $148.41.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would move through Monday’s high $151.69 to support a run at the first major resistance level at $154.47.
Support from the broader market would be needed, however, for Ethereum to break through to $150 levels.
Barring a broad-based crypto rally on the day, the morning high $148.41 would likely pin Ethereum back.
Failure to move back through Monday’s high $151.69 could leave Ethereum under pressure.
A fall through to $143.10 levels would bring sub-$140 levels back into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of the first major support level at $134.58.
Looking at the Technical Indicators
Major Support Level: $134.58
Major Resistance Level: $154.47
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
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