Ethereum rallied by 3.5% on Wednesday. Following on from a 1.14% gain on Tuesday, Ethereum ended the day at $153.00.
A bearish start to the day saw Ethereum slide to a late morning intraday low $141.02 before making a move.
Ethereum fell through the first major support level at $144.30 before bouncing back to a late intraday high $155.89.
Moving back through the first major support level, Ethereum broke through the first major resistance level at $150.63 and the second major resistance level at $153.43.
A late pullback saw Ethereum fall through the second major resistance level at $153.43 to wrap up the day at $153.00.
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 0.14% to $152.79. A mixed start to the day saw Ethereum rise to an early morning high $155.00 before falling to a low $152.42.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through Wednesday’s high $155.89 to support a 4th consecutive day in the green.
A move through to $156 levels would support a run at the first major resistance level at $158.92.
Barring another broad-based crypto rally, however, Wednesday’s high would likely limit any upside on the day.
Failure to move through to Wednesday’s high could see Ethereum come under pressure later in the day.
A fall through to sub-$150 levels would bring the first major support level at $144.05 into play before any recovery.
Barring a broad-based crypto sell-off, however, we would expect Ethereum to steer clear of sub-$150 levels.
Looking at the Technical Indicators
Major Support Level: $144.05
Major Resistance Level: $158.92
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
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