In this Ethereum price analysis, ETHUSD is facing resistance at the $176 and $180 levels. However, if the bulls are able to break these resistance levels, ETH price will reach the previous high of $200.
Ethereum Price Analysis
The price of Ethereum was in a bearish trend yesterday, April 4. Earlier this week, April 2, the price of ETH surged from a low of $143 to a high at $165. The next day, the price tested the resistance level of $180 and then made a downward correction.
Today, April 5, ETH bulls are once again in an upward trend making a second attempt at the said resistance level. The price now above the Exponential Moving Averages (EMAs), an indication that the price of Ethereum will rise only if the bulls are able to break the resistance levels of $170 and $180.
In the meantime, the stochastic band is at the overbought region while below the 80% range, which indicates that ETH price is in a bearish momentum and a sell signal.
ETHUSD Short-term Price Analysis
As the 4-hour chart shows, Ethereum price is bearish. The price declined further after the price rally. On April 4, the bears dragged the price below the 12-day EMA as well as the 26-day EMA to a low of $156. Ethereum price has continued to face resistance at the $176 price level.
On Wednesday, Ethereum bulls tested the resistance level of $176, however, they were resisted. The crypto’s price retraced and commenced another bullish trend. On the same day, the bulls retested the resistance level, nevertheless, the bears broke the EMAs to the bearish trend zone. Today, the bulls are in control as they have broken above the EMAs as the price is now above the EMAs.
Having said that, if the bulls are able to break the $176 resistance level, Ethereum price will reach the previous high of $200. However, if they are unable to do so, the price will drop. Currently, the stochastic indicator is now at the oversold region while above the 20% range, thus indicating that ETH price is in a bullish momentum and a buy signal.
- Resistance Levels: $230, $240, $250
- Support Levels: $150, $140, $130
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.