Ethereum (ETH) Price Analysis – April 8
Both ETHUSD and ETHBTC follow a bullish move after a strong surge in volatility. Ethereum markets are now on a pulling back to the closest support levels. Today, ETH is up by 4.3% with a market cap valuation of $18.6 billion. As of the time of writing, the token is trading at around $176 price level.
Resistance levels: $190, $200, $210
Support levels: $170, $160, $155
Breaking $150 resistance turned support level, Ethereum forms a bullish flag pattern; respecting the trend lines. After touching the upper trend line today, ETH witnessed a rejection and a reversal. The bearish move is likely to bottom on the lower trend line at $170 support level. A further break low could possibly send price to $155 support; near the break level at. By then, the 4-hour RSI should be convincingly reflected at the oversold condition.
On the other hand, a successful cross above the upper trend line could propel price to the next key resistance levels at $190, $200 and $210 in a concurrent move. As signaled on the 4-hours Stochastic RSI, a selling pressure is more likely to play out. In fact, it’s actually apparent on the chart. For now, Ethereum market would remain within a bullish triangle until a surge occurs.
Today, ETHBTC saw a significant spike to 0.0352 BTC after following a symmetrical triangle pattern; a bullish sign for Ethereum market. Before the surge, the token was trending on a bearish sentiment. Now, the price has been rejected and the previous support level at 0.0335 BTC is likely to be tested before a rebound. The 4-hours Stochastic RSI is reflected at the overbought zone; signaling a potential decline.
If price eventually retraces to the aforementioned support; a bullish move could fuel ETH to the next key resistance level at 0.0355 BTC and above. Otherwise, a possible breach on the $0.0335 may drastically drop the value of the token to 0.0325 BTC and 0.032 BTC support levels. Currently, the 4-hours RSI lies on the 80 line. However, there’s a need for a correction before the next bull-run kicks.
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