Ethereum has become impulsive and broke above $2,250 to $2,300 psychological area. Ethereum strikes over $2,300 key area as the bulls are optimistic. Can bulls push the price further upward 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 16, 2021, | AtoZ Markets – Ethereum price falls today morning during the Asian session against the U.S. Dollar. Ethereum is currently trading around $2,390 area and trying to push lower. After bouncing from $1,950 to $2,000 support level, the bulls pushed the price higher quite impulsively and hit an all-time high of $2,550 area. As per the current price action, the price may retrace towards the dynamic level of 20 EMA on the daily chart in the coming days.
Moreover, Ethereum hit another fresh high of $2,550 early on April 16. The second most famous crypto has grown in worth by more than 30% since the beginning of the month. This is additionally the first run through ETH that has broken the $2500 boundary. Not only this, but the Ethereum market cap has expanded definitely in the course of the most recent week, settling at around $277 billion at the hour of writing.
Ethereum Strikes Over as the Overall Bias Is Bullish
Ethereum is currently residing near $2,390 area and trying to decline further. However, the price is still residing over the dynamic level on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum strikes over and currently trading around $2,390 area. As per the current price action, the price may decline further towards $2,300 to $2,250 area in the process. So, if the price declines towards $2,300 to $2,250 area and bounced upside with an impulsive bullish candle close, the bulls may recover higher again towards $2,550 to $2,600 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price and holding the price as strong support. Besides, the MACD lines are currently residing over the 0.00 level and had a bearish crossover. It indicates that the bears may sustain the bearish pressure further in the process.
ETH May Continue the Bullish Bias
According to the daily chart, Ethereum strikes over and currently trading around $2,390 area. As per the current scenario, the price may retrace downside towards $2,300 to $2,250 area in the days ahead. So, if the price reacted down and bounced higher with a daily bullish candle, the bulls may continue the bullish bias towards $2,550 to $2,600 area as a first target. The second target will be $2,950 to $3,000 area if the price can break above $2,550 to $2,600 area in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as a strong support to push the price upside. Besides, the Bollinger Bands middle band 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 ETH may continue further upward. A daily close is needed to identify the definite momentum in the coming days.