Ethereum has become impulsive and non-volatile after bouncing from $1,550 to $1,600 area. Ethereum bulls holding the bullish momentum over $1,950 event level. Can ETH break the key resistance area in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
April 2, 2021, | AtoZ Markets – Ethereum price rose today morning during the Asian session against the U.S. Dollar. ETH price has tested $2,000 psychological area and it is probably going to proceed further higher. Ethereum sustained well bid over the $1,850 area and it traded to another fresh weekly high, dissimilar to Bitcoin. ETH broke numerous significant obstacles close to the $1,920 and $1,950 resistance levels. Ethereum is currently trading around $2,000 area and trying to recover higher. As per the current price action, ETH may face strong resistance around $2,000 to $2,040 area in the coming days.
Ethereum Bulls Holding Momentum as the Investors Are Optimistic
Ethereum is currently residing near $2,000 area and trying to push upside. Moreover, the Kumo Cloud has worked as strong support on the daily chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum bulls holding momentum and currently trading around $2,000 area. As per the current price action, if the price pushes further upside and rejects $2,000 to $2,040 key area with an impulsive bearish candle, the bears may regain momentum and decline towards $1,870 to $1,850 area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upward in the process. Along with this, the Stochastic Oscillator lines are currently residing above the overbought level 80 and may have a bearish crossover. It indicates that the bears may regain momentum in the days ahead.
ETH May Sustain the Bullish Trend
According to the daily chart, Ethereum bulls holding momentum and currently trading around $2,000 area. As per the current scenario, if the price can break above $2,000 to $2,040 key resistance area with an impulsive daily bullish candle, the bulls may sustain the bullish trend towards $2,250 to $2,300 area in the coming days. On the contrary, if the price rejects $2,000 to $2,040 area with a daily bearish candle, the bears may regain momentum and push the price down towards $1,850 to $1,800 area in the days ahead.
Image: Ethereum Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may pull the price downside as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, as the overall bias is bullish, there is a high chance that ETH may break above the key resistance level. An impulsive daily close is needed to identify the definite momentum in the coming days.