Ethereum slid by 8.11% on Monday. Reversing a 1.07% gain from Sunday, Ethereum ended the day at $1,778.66.
A mixed start to the day saw Ethereum rise to an early morning intraday high $1,938.95 before hitting reverse.
Falling short of the first major resistance level at $1,980, Ethereum slid to an early afternoon intraday low $1,508.35.
The sell-off saw Ethereum fall through the through the day’s major support levels and the 23.6% FIB of $1,579.
Finding late support, however, Ethereum broke back through the 23.6% FIB and the third major support level at $1,749 to end the day at $1,770 levels.
At the time of writing, Ethereum was down by 1.22% to $1,756.95 A mixed start to the day saw Ethereum rise to an early morning high $1,783.22 before falling to a low $1,755.30.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the pivot level at $1,742 to support a run at the first major resistance level at $1,976.
Support from the broader market would be needed, however, for Ethereum to break back through to $1,900 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $1,938.95 would likely cap any upside.
In the event of an extended crypto rally, Ethereum could test the second major resistance level at $2,173.
Failure to avoid a fall through the $1,742 pivot would bring the