Ethereum (ETH) Price Analysis – April 30
Having remained in a falling channel for the past three weeks, the price of Ethereum has significantly dropped. As it revealed on the RSI indicator, a slow bullish divergence is playing out as it may lead the market to a positive move. For this reason, the next few days of trading would determine the outcome of the slow bullish signal.
Resistance levels: $175, $185
Support levels: $155, $150
From the structural chart, Ethereum is still bearish as the trading continues to maintain a falling channel pattern. This revealed that the sellers are currently in control of the market. While flagging downward, a possible price break may trigger the token to the next price level.
For the bulls, a northward movement is likely to meet a major resistance of $175; touching the upper channel. Surging above the support could further the upward movement to $185 and above. For the bears, a southward movement may plummet price to the bottom of $155 and $150 supports.
On the other hand, the 4-hours RSI is positioned bullishly. Reaching the overbought region could further strengthen the bullish momentum. As suggested on the 4-hours Stochastic RSI, the buyers have reached an overbought area where price may potentially fall.
ETHBTC market has dramatically plunged to the low of 0.0295BTC after three weeks of trading. The low level has been retested yesterday as the price action now appeared on a double-bottom pattern which could possibly turn this market bullish.
If the token can significantly hold trading above the 0.0315BTC resistance level, a continuous push-up may shoot the price of Ethereum at 0.033BTC and 0.0345BTC highs; positioning the market in a bullish trend. But as it is now, the bearish scenario still stands for this market.
A break below the current low at 0.00295BTC could further slump ETH into a more bearish zone. The 4-hours MACD is now facing up; indicating a buy reaction. Also, the 4-hours Stochastic RSI is leveled at the overbought zone; a potential sell is around the corner.
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