Ethereum prices have been steadily increasing along with the rest of the cryptocurrency market this week following a tax deadline scare. How is the digital currency now trading? Gain insight into this 20 April ETHUSD Technical Analysis.
20 April, OctaFX – Analysts predicted the deadline for American’s to file their taxes would force a widespread sell-off of cryptocurrencies, driving prices down as investors attempted to raise money to pay for capital gains tax.
Cryptocurrencies Moving Higher
Cryptocurrencies continued to push higher after last week’s strong rebound, as investors again bet on the future of blockchain technology, and a decentralized digital asset revolution.
Bitcoin held firm above the $8,000 level, while other alternative coins such as Bitcoin Cash and Ripple made solid double-digit upside moves. Ethereum, the second largest digital currency by market capitalization managed to trade well above the $500 handle, while Litecoin and Dash broke back above key long-term moving averages.
20 April ETHUSD Technical Analysis
The ETHUSD pair remains bullish while trading above the $490 level, further upside towards $580 and $670 seems possible.
Should price-action decline below the $490 level, sellers may test towards the $460 and $400 levels.
This article about 20 April ETHUSD Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.