Ethereum price moved higher towards $420 level but failed to break the significant resistance. The formation of Bullish Doji star in 1W timeframe confirms the reversal. Here is the 04-06 April Ethereum Technical Prediction.
04 April, AtoZForex – Ethereum or ETHUSD pair – the second largest cryptocurrency in terms of the total market cap is now trading near the $390 level with a total market cap of around $38 Billion. In the last 1 Week, the price has moved by $ -76.16 (-16.40%) with a total volume of over $ 1.97 Billion. After a surge towards $ 465.20 last Wednesday the coin dropped to $ 359.22 mark on Sunday, 01 April 2018. The ETHUSD pair still facing a hurdle to break the major resistance level near $420 level.
04-06 April Ethereum Technical Prediction
A Bullish Doji star candlestick pattern has emerged in the weekly timeframe. This signifies that during a downtrend, the market strengthens the bears with a long black candlestick and gaps open on the second one. However, the second candlestick trades within a small range and closes at or near its open. This scenario shows the potential for a rally, as many positions have been changed. Confirmation of the trend reversal would be a higher open on the next candlestick.
The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This suggests that the pair might gain bullish momentum this week. According to Fibonacci retracement, the Ethereum price is trading below the 23.6% Fibo. Retr. level failed to surpass the major hurdle near $410 – 420 level. Moreover, the ETHUSD pair gained momentum after the dip towards the weekly lows and crossed the first resistance level. Hence, considering the above factors, the buyers are overcoming the bearish pressure & the ETHUSD pair might soon break the crucial resistance level again. Thus, I expect the Ethereum price to test $ 450- 470 by the weekend.
The relative strength index(14) value is below 50 which gives an Oversold signal on the daily timeframe.
The MACD(12,26) value is -77.140 also gives selling signal in daily charts.
Moreover, according to ATR(14), the ETHUSD pair is less volatile.
The Ethereum has significant daily support near $460 level and resistance at $520 level.
Ethereum Daily Pivot points
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