Ethereum price rose almost 8%, and it climbed above $180 against the US Dollar. Can Ethereum hold its bullish momentum and reach to $240 area? What are the charts and technical indicators are saying? Read more to find further insights into today’s Ethereum Technical Analysis.
April 23, 2020 | AtoZ Markets – Ethereum is currently trading around $182 area and trying to push higher. The price finds support at $170 area, as well as on the dynamic level of 20 EMA and strike higher. As per the current scenario, ETH has the potential to climb further but may face some barriers around $185 area in the coming days.
Members of the Ethereum community is waiting for the second iteration of the blockchain Ethereum 2.0 to arrive. Moreover, the current version of the network became very successful. It has also become the second-largest blockchain valued at over $20 billion. Furthermore, ETH community expecting that the new upgrade to 2.0 will make Ethereum a next-generation blockchain. Besides, The upgrade to 2.0 will be hundreds of times faster and more scalable than the current iteration.
Ethereum Hold Bullish Momentum – Can Take Over $185 Area?
Ethereum is currently residing near $182 area and facing resistance at $185 area. After bounce from $170 area, the price has become impulsive but failed to sustain above $185.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, ETH is facing resistance at $185, but still, Ethereum hold bullish momentum above the dynamic level. As per the current price action, if the price can have an impulsive bearish close below $185 area, bears may push the price down towards $170 again. Alternatively, if the price breaks above $185 area with an impulsive bullish close, the bulls may continue higher towards $210 in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price, along with the Kijun line and Tenkan line. The dynamic level may act as a strong support to push the price higher. Besides, the MACD lines are residing above 0.00 level and gradually rising upward, which indicates bulls are still present in the market.
ETH Bearish Trend Is Still Active
According to the Daily Chart, ETH retrace towards Fibo level 50 of the recent drawdown and trying to push lower. After a massive drop, Ethereum was able to recover higher. As per the current price action, if the price can have a bearish close below $170 area, the bears may continue the bearish trend towards $125 in the process. Alternatively, if the price breaks above $185 with an impulsive bullish candle, the bulls may push the price higher towards $240 area.
Image: Ethreum Daily Chart
Moreover, the dynamic level of 20 EMA is currently residing below the price, which may act as a strong support to push the price higher. Besides, the Stochastic Oscillator lines are rising upward gradually, which indicates further bullish pressure.
To conclude, Ethereum hold bullish momentum above the dynamic level of 20 EMA. If the price finds support at the dynamic level, the bulls may sustain the bullish pressure in the days ahead.