Ethereum rose nearly 50% after the price bounced from record low $80 key level. Can Ethereum sustain the Bullish pressure and Reach $200 area? What are the charts and technical indicators are saying? Read more to find further insights into today’s Ethereum Technical Analysis.
April 7, 2020 | AtoZ Markets – Ethereum is currently trading around $170 area and trying to recover higher. Ethereum has become quite non-volatile and impulsive recently after breaking above $150 area with a daily close. After an extended period of volatility below $150 area, the bulls are currently quite established to push the price higher.
Ethereum catches the attention of investors as it rose Yesterday above $150 area. The second-largest cryptocurrency has surged almost 13% on the staring of this week. This is the highest level Ethereum has traded since March after the Coronavirus hit the global economy. Moreover, ETH current market cap is currently at 18.95B Dollar, and the current supply-demand is 110.42 million dollars. On the other hand, along with Ethereum, the flagship cryptocurrency Bitcoin (BTC/USD) rose 3.6% to $7310, and Ripple (XRP/USD) rose 6.43% to $0.198794 today during the Asian session.
Ethereum to Sustain Bullish Pressure With Certain Retrace?
ETH is currently residing near $170 area and trying to climb further. The price successfully broke above the dynamic level with a daily close and currently residing above $150 area.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, ETH is currently residing around $170 area after an extended period of bullish momentum. The price pushed higher, quite impulsively after bouncing from the dynamic level. As per the current price action context, the price may retrace down to $150 area. So, if the price declines and reach $150 area and find support at the dynamic level, Ethereum may sustain bullish and continue the Bullish trend towards $200 price area.
Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may pull the price lower as Mean Reversion. Besides, the RSI line is currently residing above the overbought level 70, which may now push lower towards the rising trend line. As per the indicators, there is a high chance that the price may retrace down to $150 area before the bulls continue higher.
Will ETH Continue the Bullish Momentum?
According to the daily chart, Ethereum is currently trading around $170 area after breaking above the daily chart dynamic levels. The price broke above $150 area quite impulsively and reached higher towards $175. As per the current price action, the bullish pressure may sustain further and may reach $200 area in the coming days.
Image: Ethereum Daily Chart
Apart from this, the dynamic level of 20 EMA is residing below the current price, along with the Kijun line and Tenkan line. The price broke above the dynamic levels as well, which may act as a strong support in the upcoming periods. Besides, the MACD lines are residing below 0.00 level, which had a bullish cross over recently indicating further bullish pressure is in the making.
To conclude, Ethereum has been quite impulsive and non-volatile since the price broke above $150 area. According to the current price action context, there is a high chance that bulls may recover higher towards $200 price area.