April 4, 2019, | AtoZ Markets – The 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.
- 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.
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