For the Afternoon Ahead
Ethereum would need to avoid a fall back through the $4,653 pivot to take another run at the first major resistance level at $4,847.
Plenty of support would be needed, however, for Ethereum to breakout back through to $4,800 levels.
Barring an extended crypto rally through the afternoon, the first major resistance level and Wednesday’s ATH4,867.81 would likely cap the upside.
In the event of another extended rally through the afternoon, Ethereum could test the second major resistance level at $5,061.
A fall back through the $4,653 pivot would bring the first major support level at $4,439 back into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,400 levels.
The second major support level sits at $4,246.
Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 and 200 EMAs this morning. We saw the 100 EMA hold steady against the 200 EMA, however, delivering support.
Through the 2nd half of the day, a widening of the 50 EMA from the 100 and 200 would bring $5,000 levels into play.
Key through the late morning and early afternoon, however, would be to move back through to $4,800 levels.
A fall back through to sub-$4,650 levels would bring sub-$4,500 support levels into play…