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Ethereum buy opportunity? ETH can reach $180

Ethereum buy opportunity? ETH can reach $180

April 4, 2019, | AtoZ MarketsThe recent Bitcoin price surge over $5,000 sent shockwaves throughout the crypto markets that led all cryptocurrencies to experience some price gains. Ethereum price has moved by $ 22.39 (16.14%) with a total volume of over $ 786.33M since last week, but are currently pushing up against resistance levels, and might be closely tracking Bitcoin’s price action in the near-future.

At press time, Ethereum is trading at $161 down by 3.67% with a total market of $17.08 Billion, according to coinmarketcap stats. 

Ethereum technical analysis

Ethereum price dropped sharply and tested the $155 support level. ETH might crash back to $140 if it falls down below the strong support. On the upside, the major resistance lies at $170 and $175 zone. Ethereum followed the bitcoin rally recently and started to rise massively against USD. Ether price moved above the $160 and $170 resistance levels and even closed well above the 100 hourly simple moving average. The price of the coin even tested the $180 resistance level which was quite strong and led to a downward slide.

The downward momentum was strong enough to break through $170 and $165 support levels and move Ethereum price into a bear zone. The bullish pattern which was being formed with support around $173 was also broken and ethereum moved below this range. Ethereum price tested the $155 support level and is currently trying to correct upwards, however, a lot of sellers have emerged on the upside and ETH might move below the support to move into a bearish zone. The current major resistance lies around $165 which might lead to a downfall.

Technical indicators:

  • The relative strength index(14) value is above 68 – signals “Buy” in daily timeframe.
  • The CCI(14) valued at 182.34 which signify “Buy” signal.
  • The STOCHRSI(14) – Overbought in the daily timeframe.
  • Moreover, according to ATR(14), the ETHUSD pair is highly volatile.

In conclusion, the ethereum chart shows that it is very essential for Ethereum price to move over $165 resistance level in order to tackle the crash and rise above $180. However, if Ethereum price jumps below $155 support level, it could soon test the $140 support range and move into a bearish zone.

Ethereum Pivot Points

Ethereum has significantly weekly strong support at $149 level and resistance near $176 mark. 

NameS3S2S1Pivot  PointsR1R2R3
Classic121.47136.89149.02164.44176.57191.99204.12
Fibonacci136.89147.41153.92164.44174.96181.47191.99
Camarilla153.56156.09158.61164.44163.67166.19168.72
Woodie’s119.81136.06147.36163.61174.91191.16202.46

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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