Monday, July 26, 2021
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Ethereum Analysis

According fxempire.com Ethereum rose by 1.30% on Tuesday. Partially reversing a 3.42% slide from Monday, Ethereum ended the day at $388.32. It was a mixed start to the day. Ethereum rose to an early morning high $385.68 before hitting reverse.

Falling short of the first major resistance level at $399.15, Ethereum slid to an early morning intraday low $370.50. The sell-off saw Ethereum fall through the first major support level at $372.94. Finding support at $370, Ethereum rallied to a late intraday high $390.35 before easing back.

In spite of the rally, Ethereum came up short of the first major resistance level at $399.15. 

To endorse a run in the first significant resistance level at $395,58, Ethereum should prevent a decline of the pivot level to $383.09. But broader market support will be required for Ethereum to break out of the high $390.35 on Tuesday. Ethereum was able to test resistance at $400 prior to the pullback. The third highest level of resistance is $402,84. Failure to avoid a fall through the $383.09 pivot would bring the first major support level at $375.83 into play. But Ethereum should be able to remain clear of the second main support level at $363.34. The 38.2% FIB of $367 should limit any downside.

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