Ethereum Price Prediction – Bearish Sentiment Leaves sub-$3,700 in Play

This is the mid-session tech analysis for Ethereum (ETH). We will be looking at movements through the morning session and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the EMAs and the key levels for the 2^nd half of the day.

The Morning Session

At the time of writing, Ethereum (ETH) was down by 0.21% to $3,853.

A mixed start to the day saw Ethereum rise to an early morning high $3,909 before hitting reverse. Falling short of the first major resistance level at $3,934, Ethereum slid to a mid-morning low $3,804.

Steering clear of the first major support level at $3,737 and the 23.6% FIB of $3,728, however, Ethereum revisited $3,890 levels before easing back.

Key through the early morning was a move back through the day’s $3,810 pivot.

For the Afternoon Ahead

Ethereum would need to avoid a fall back through the $3,810 pivot to bring the first major resistance level at $3,934 into play. Plenty of support would be needed, however, for Ethereum to break out from the morning high $3,909.

Barring an extended crypto rally through the afternoon, the first major resistance level would likely cap the upside. In the event of a breakout, however, Ethereum could test resistance at $4,100 levels. The second major resistance level sits at $4,008.

A fall back through the $3,810 pivot would bring the first major support level at $3,737 and the 23.6% FIB of $3,738 back into play. Barring an extended sell-off, however, Ethereum should avoid sub-$3,500 levels. The second major support level at $3,613 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA narrow on the 100 EMA in the late morning. We saw the 100 EMA pullback from the 200, however, delivering downward pressure.

Through the 2^nd half of the day, a narrowing of the 50 on the 100 would bring $3,900 and resistance levels back into play.

For the bulls, avoiding a fall back through the day’s $3,810 pivot would be needed, however, to support a bullish afternoon.

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