After a partial 10 percent rally recovery two days ago, Monday, Ethereum took a downslide dive of more than 5% yesterday. The second-largest cryptocurrency by market capitalization finished the day with a market price of $1,488.30.
The asset got off to a shaky start, oscillating between rising and falling at regular intervals. It hit an intraday high of around $1,605 in the early morning. Its growth, however, was short-lived because it was unable to maintain a stable equilibrium. Midway through the day, it went backwards.
It failed to break through the first big resistance stage, which was supposed to be $1,627. ETH, on the other hand, brokered an incredible 23.6 percent Fib of $1,579 after that. It continued to fall until it hit a low of $1,455.86 late in the day. As a result of the sell-off, ETH fell below the 23.6 percent Fib, establishing its first significant yet late support. It then started to soar slowly but steadily thanks to its first-major-support, erasing deficits in the process. This increased the value to $1,547.
At the time of publishing, ETH was once again following the downsides. It has lost 0.44 percent of its value, bringing the share price down to $1,543. This is another mixed start to the day, which means the asset’s price can fluctuate between various levels once again.
What will Ethereum’s output be like?
There are signs that Ethereum‘s price may rise above the pivotal level of $1,517. As a result, a first-major-resistance level of $1,578 as well as a 23.6 percent Fib of $1,579 might be possible. If ETH can gain support from other markets (which is required), it will be able to easily surpass the $1,570 mark.
There’s a good chance the first-major-resistance as well as the 23.6 percent Fib will cap abnormally thus providing a bar for the prolonged crypto rally. A double-breakout could drive ETH to the $1,667 second-major-resistance stage, as well as $1,700 resistance.
If it fails to break through the pivot at $1,517, the first-major-support stage at $1,428 will be triggered. If the asset experiences a prolonged sell-off, it is likely to avoid falling below $1,400, with a second-major-support level of $1,367.