Ethereum rose by 1.12% on Wednesday. Following on from a 5.24% rally from Tuesday, Ethereum ended the day at $210.27.
A particularly bullish start to the day saw Ethereum rally from an early intraday low $207.5 to a late morning intraday high $217.49.
Steering clear of the major support levels, Ethereum broke through the first major resistance level at $216.74 before easing back.
Relatively choppy through the rest of the day, Ethereum slid back to sub-$210 levels before striking an early afternoon high $215.17. A late pullback to $210 levels limited the upside on the day.
In spite of the bullish start to the week, 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 1.3% to $207.53. The late pullback from Wednesday continued into the early hours of this morning. Ethereum fell from an early morning high $210.28 to a low $205.48 before finding support.
The reversal saw Ethereum fall through the first major support level at $206.02 before support kicked in.
For the day ahead
Ethereum would need to move through to $211.8 levels to support a run at the first major resistance level at $216.01.
Support from the broader market would be needed, however, for Ethereum to break out from $210 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.
Failure to move through to $211.8 levels would bring the first major support level at $206.02 back into play.
Barring an extended sell-off through the day, Ethereum should steer clear of the second major support level at $201.76.
Looking at the Technical Indicators
Major Support Level: $206.02
Major Resistance Level: $216.01
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543