Ethereum (ETH) Price Analysis – April 24
Ethereum markets have been moving in the opposite direction for the past three weeks. ETH/USD maintains a rising channel as the price is likely to break down. Yesterday, ETHBTC broke down from the falling channel as price may retest break level before rally continues. Ethereum is down by 6.4% and currently trading at $164 price level.
Resistance levels: $180, $190
Support levels: $150, $140
Maintaining a bullish scenario, Ethereum has been trading above $150 support level after climbing to $188.5 high earlier this month before dropping to the lower trend line. The important 50-day moving average (blue line) has been playing along with the price movement on a slow rise.
Respecting the rising channel, ETH has been finding it difficult to surpass $180 resistance level for the past two weeks. On low trading volatility, ETH/USD market has since appeared subdued with choppy price action. This signals a big shock wave around the corner.
The 4-hours MACD is currently revealed at the horizon of the zero level, attempting to break low. A successful break may plunge price to $150 support and beyond. Likewise, the 4-hours RSI lies close to the oversold level.
Against Bitcoin, Ethereum followed a bearish sentiment for the past one month. Yesterday, the token broke out of the falling channel after gotten rejected at 0.033BTC resistance level; breaking through the important 50-day moving average (blue). As a result of this action, the bearish scenario becomes stronger.
The bear surge is clearly revealed on the 4-hours RSI and MACD indicators as they trend significantly at their lowest level. The blue line now acts as a defensive line for the bears.
Once the selling pressure is exhausted, there’s a need for a retracement to the breakout point at 0.0313BTC resistance level before a bearish continuation. As the market drops on a real-time, Ether could make a bottom around 0.029BTC low before running upside.
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