Ethereum rose by 1.14% on Tuesday. Following on from a 4.15% rally on Monday, Ethereum ended the day at $147.83.
A bullish start to the day saw Ethereum rise to an early morning intraday high $149.90 before hitting reverse.
Falling well short of the first major resistance level at $154.47, Ethereum fell to a late morning intraday low $143.57.
Steering clear of the first major support level at $134.58, Ethereum bounced back to $148 levels late in the day before easing back.
In spite of the final hour pullback, Ethereum managed to hold onto gains from early in 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 2.27% to $144.48. A mixed start to the day saw Ethereum rise to an early morning high $148.80 before sliding to a low $143.80.
Coming up short of the major resistance levels, Ethereum fell through the first major support level at $144.30 early on.
For the day ahead
Ethereum would need to move back through to $147 levels to bring the first major resistance level at $150.63 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $149.90.
Barring a broad-based crypto rebound, Ethereum would likely come up short of $150 levels for a 2nd consecutive day.
Failure to move back through to $147 levels could see Ethereum fall deeper into the red. A fall back through the first major support level would bring $143 levels back into play before any recovery.
Barring an extended sell-off through the day, however, Ethereum should steer clear of the second major support level at $140.77.
Looking at the Technical Indicators
Major Support Level: $144.30
Major Resistance Level: $150.63
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543