Ethereum (ETH) Price Analysis – April 19
Since April trade opens, ETHUSD has witnessed a significant price increase to the near of $190 as price remains within a rising channel. For ETHBTC, the price has significantly dropped as price follows a falling channel. Moving in the opposite direction, both markets are like to experience a reverse play after reaching an exhaustion point.
Resistance levels: $185, $200, $220
Support levels: $160, $150, $140
The early April price increase has now positioned Ethereum market in a range bound as price movement respects a slow ascending channel. Four days ago, ETH tested the lower trend line and has since been inclining to test $185 resistance level. The actual scenario is revealed on the 4-hours MACD.
Ethereum is now trading at the overbought zone of the 4-hours Stochastic RSI. A sign of a selling pressure which may be around the corner. In case a bearish play occurs, the closest key support level is $160. A drop below the mentioned support may significantly slump the token’s value.
Whichever way, a slow upward move is playing out for Ethereum market. At the same time, the buyers are in control.
Against Bitcoin, Ethereum appeared bearish on a medium-term chart. Since April opening, ETH has been moving in a channel with expanding price volatility. Before then, slow choppy price action is revealed on a slope rally as trade volume increases.
Since Ether begins to construct trade within a channel, the 4-hours MACD has been waving along with the zero level; revealing a high price movement. Currently, a swing high is approaching 0.0345 BTC resistance level, testing the upper channel.
As suggested on the 4-hours Stochastic RSI, buying momentum has reached the highest level of the oscillator. A possible decline may locate support at 0.0315 BT. However, the price action is more likely to continue respecting the channel for now.
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