Ethereum rallied by 11.07% on Friday. Partially reversing Thursday’s 19.35% slump, Ethereum ended the day at $1,233.60.
A bearish start to the day saw Ethereum slide to an early morning intraday low $1,039.62 before making a move.
Steering clear of the first major support level at $998, Ethereum rallied to a late intraday high $1,275.99.
While coming up short of the first major resistance level at $1,307, Ethereum broke through the 23.6% FIB of $1,119.
A bearish end to the day saw Ethereum ease back to end the day at sub-$1,240 levels.
At the time of writing, Ethereum was down by 0.99% to $1,221.43. A bearish start to the day saw Ethereum fall from an early morning high $1,233.89 to a low $1,206.10.
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 $1,183 to support a run at the first major resistance level at $1,327.
Support from the broader market would be needed, however, for Ethereum to break back through to $1,300 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,419.
Failure to avoid a fall through the $1,183 pivot would bring the 23.6% FIB of $1,119 and the first major support