Ethereum bears have regained momentum after rejecting $2,645 to $2,600 key resistance area. Ethereum dropped below $2,300 psychological support level. Will the price decline further lower 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 23, 2021, | AtoZ Markets – Ethereum price fall today morning during the Asian session against the U.S. Dollar. Ethereum down by 10.19%, which was the biggest one-day percentage decrement since February 23. ETH is currently trading around $2,215 area and trying to retrace upside. After bouncing from $2,000 to $2,050 support level, the bulls pushed the price higher impulsively and hit an all-time high of $2,645 area. As per the current price action, the price may retrace upward towards $2,250 to $2,300 area in the coming days.
Ethereum Dropped Below as the Price Faced Strong Resistance on the Key Level
Ethereum is currently residing near $2,215 area and trying to climb higher. However, the price also broke below the dynamic level of 20 EMA on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum dropped below and currently trading around $2,215 area. As per the current scenario, the price may retrace towards $2,250 to $2,300 area in the coming days. So, if the price retraces towards $2,250 to $2,300 area and rejects with a bearish candle, the bears may push the price down towards $2,050 to $2,000 area in the process. Alternatively, if the price can break over $2,250 to $2,300 area with an impulsive bullish candle close, the bulls may regain momentum and push the price higher towards $2,600 to $2,645 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downside. Also, the MACD lines are currently residing above the 0.00 level and had a bearish crossover. It indicates that the bears may sustain the bearish pressure further in the process.
ETH Bulls May Regain Momentum
According to the daily chart, Ethereum dropped below, but the overall bias is still bullish. As per the current price action context, if the price can have an impulsive bullish candle close above $2,100 to $2,150 support area, the bulls may regain momentum and push the price upward towards $2,600 to $2,645 area as a first target. The second target will be $2,850 to $2,900 area if the price can break above $2,600 to $2,645 area in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing near the price. Along with the Kijun line and Tenkan line. So, the dynamic level may act as a strong support if the price can have an impulsive bullish candle close above it. 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 still bullish, there is a high chance that the bulls may strike higher. A daily is needed to identify the definite momentum in the coming days.