Ethereum price dropped to the $166 support level. However, if this support level holds, ETHUSD price will commence its upward trend and climb to revisit the price levels of $170 and $176.
Ethereum Price Forecast
Ethereum price was in a bullish momentum on April 18. ETH bulls climbed to a high of $176 but couldn’t sustain the price above the 12-day Exponential Moving Average (EMA). The bulls met resistance and price made a downward correction and dropped to the 26-day EMA support level of $166.
On the upside, if the aforementioned support level holds, Ethereum price will commence its upward trend and climb to the price levels of $170 and $176. Nevertheless, if the bears break below the 26-day EMA, ETH price will drop to the $140 support level.
In the meantime, the stochastic indicator is at the overbought region while below the 60% range, which implies that the price of Ethereum is in a downtrend, and a sell signal.
ETHUSD Short-term Price Forecast
As the 4- hour chart shows, the price of ETHUSD is in a bearish trend zone. The ETHUSD price dropped to a low at $166. The bearish candlestick has been exhausted in the downward trend. The price of ETH has now commenced a bullish trend to break the bearish trend line.
However, the bearish trend will be terminated technically if the bulls break the trend line and another one closes on the opposite. On the other hand, if the bulls break above the EMAs, ETHUSD price will be in the bullish trend.
In the meantime, the stochastic indicator is at the oversold region while below the 40% range, an indication that the price of Ethereum is in bearish momentum, and a sell 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.