For crypto heavyweights, it’s been a mixed start, with Ethereum suffering throughout the day.
Ethereum, BTC to USD, was down 2.04 percent to $4,512.04 at the time of writing.
Ethereum had a mixed start to the day, rising to an early morning high of $4,610.24 before reversing.
Ethereum plummeted to a late morning low of $4,485.90 after falling short of the first key resistance level at $4,700.
Ethereum found support at the first major support level of $4,484 but then retreated to $4,550 levels.
For the rest of the day, Ethereum would have to break through the pivot at $4,578 to reach the first big resistance level at $4,700.
Ethereum will require support from the wider market to break clear of its ATH of $4,670.98 set on Wednesday
If there isn’t a long-term crypto rise, the first significant obstacle around $4,700 will likely restrict any further gains.
Before any retracement, Ethereum might attempt resistance above $5,000 in the case of another sustained gain during the afternoon. $4,793 is the second significant resistance level.
Failure to break through the pivot at $4,578 would reintroduce the first major support level at $4,484 into play.
However, unless there is a sustained sell-off into the afternoon, Ethereum should avoid falling below $4,300.
At $4,363, the second key support level, the downside should be limited.
The 50 EMA flattened on the 100 and 200 EMAs this morning, looking beyond the support and resistance levels. On the 200 EMA, we also observed the 100 EMA flatten.