Ethereum price is quite volatile and indecisive while residing below $200 area. Can Ethereum break above the crucial level $200? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
April 28, 2020 | AtoZ Markets – Ethereum is currently trading around $192 area and trying to push lower. Recently, the price broke above $190 area with a bullish opening gap yesterday. ETH is residing inside the ranges of $190 to $199 area for a couple of days already. As per the current price action, ETH may recover higher with the support of the dynamic level of 20 EMA in the coming days.
Can the Dynamic Support Carry Ethereum to Break Above?
ETH is currently residing near $192 area and quite corrective. The price successfully filled up the yesterday’s bullish gap and closed above $190 area. Ethereum may need a bullish impulsive close above $200 to recover higher in the coming days.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, ETH is currently residing near $192 area after rejecting $190 support level. Ethereum’s current price action is still indecisive but has the potential to climb higher. So, if the price can have a bullish impulsive 4-hour close above $190 area, the bulls may push the price higher towards $200 in the process. Alternatively, if the price breaks below $190 with an impulsive bearish candle, the bears may push the price down towards $180.
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may act as a strong support to push the price higher. In contrast, if the price breaks below the dynamic level, the bears may regain the bearish momentum in the process. Besides, the MACD lines were residing above 0.00 level and had a bearish cross over, which indicates that bears are trying to hold the momentum further.
ETH to Reach at February’s High at $250 Level?
According to the Daily chart, ETH is currently trading around $192 area and may retrace down. The price failed to reach $200 area and had a daily indecision candle below it. As per the current price action context, the price may decline towards $180 area before continuing the bullish trend in the process. So, if the price reaches $180 area and bounces higher with a daily close, the bullish trend may sustain higher towards $$250.
Image: Ethereum Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing below the price, along with the Kijun line and Tenkan line. The dynamic level of 20 EMA may pull the price down as Mean Reversion, and the Kijune line and Tenkan line may work as a confluence of the dynamic level of 20 EMA. Besides, the Kumo cloud is also residing below $180 area, which may hold the price as support and push higher. Along with, the Stochastic Oscillator lines are residing near the overbought level 80 and may have a bearish intersection.
To conclude, Ethereum broke above $180 area but still indecisive. A daily impulsive bullish close is required above $200 to continue the bullish trend further in the days ahead.