Ethereum we have it today trying to maintain dynamic support in the EMA for 200 periods around $ 193. We are currently in a bear market as a whole where cryptocurrencies have not yet been able to get solid support for a change in upward trend.
While Ethereum could use the current levels for a rebound, it does not appear to be very reliable, so the price is expected to stop above 61% Fibonacci or S1 at $ 185 and $ 180 respectively. A rebound over this area would give stronger signals for buyers to activate their orders and we can see ETH consolidate on top of the pivot at $ 214.
At the moment this last level mentioned is a bit complicated to achieve due to the uncertainty created in the market. A solid and fast rebound is what it would take to mark the beginning of a trend change. So far it has not been possible to achieve a fast and strong momentum on an important support. If the S1 is lost it is already more than clear that we would go to look for levels close to $ 180 again which is one of the most important supports in Ehereum today.
The Ethereum entry around $ 198 resting on the EMA 200. A rebound in this area seems unlikely. It was first published in Crypto Report.