The crypto market has had mixed price actions early on Friday with ETH testing resistance zone during late morning sessions. However, the leading alternative coin needs to overcome the $4,650 level for bulls to explore the all-time high at $4,868.
While writing this content, Ethereum trades at $4,585 after a 1.60% surge. However, unpredictable movements earlier on have the altcoin declining to $4,474 low before climbing towards $4,621 high. While Ethereum kept its first crucial support at $4,421 away, it tested the initial critical resistance at $4,623 before sliding towards the sub-$4,600 areas.
The vital thing for Ethereum throughout the late morning sessions was avoiding a drop under today’s pivot at $4,529.
ETH’s Afternoon Ahead
For now, ETH has to avoid declining beneath the pivot at $4,529 to test its immediate critical resistance zone at $4,623. However, the second-largest crypto requires massive support to crack the hurdle around the $4,600 mark.
If ETH fails to see an extended rally during the afternoon, Thursday’s peak at $4,637 will prevent Ethereum’s upsurges. Meanwhile, a breakout will mean Ethereum, retesting its record peak of $4,868. Nevertheless, the 2nd massive resistance area locates at $4,731.
On the other side, plunging under the $4,529 barrier will see Ethereum hitting the first critical support zone at $4,421. However, excluding a continuous crash through afternoon sessions will have ETH avoiding the sub-$4,300. The 2nd crucial support floor at $4,327 will limit ETH’s downtrends.
Besides the support and resistance areas, the 50 exponential moving average pulled away from 100 EMA and 200 EMA during later morning trading sessions. Moreover, the 100 exponential moving average pulled marginally away from the 200 exponential moving average, offering additional support.
If the remaining part of the day sees 50 EMA widening from the 100EMA and 200EMA, Ethereum will hit $4,800. However, ETH bulls should take the altcoin above the $4,650 area to explore $4,800. Meanwhile, Ethereum has recorded impressive surges this year, climbing by more than 500%. Though that might not be high compared to other altcoins, Ethereum holders enjoyed profits.
Also, the Ethereum network plans an upgrade in the coming year to alleviate its challenges like transaction speed. Let us wait for what that would mean for ETH and its price.