Ethereum Sustains the Bullish Trend Over $2,600 Area – Will Recover Further?


Ethereum bulls have regained momentum after bouncing from $2,100 to $2,200 support level. Ethereum sustains the bullish trend over $2,600 key resistance area. Will ETH recover further higher 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 30, 2021, | AtoZ Markets – Ethereum price rose today morning during the Asian session against the U.S. Dollar. Ethereum is currently trading around $2,775 area and trying to push lower. After bouncing from $2,100 to $2,200 support level, the bulls pushed the price upside quite impulsively and hit an all-time high of $2,800 area. As per the current price action, the price may retrace downside towards $2,550 to $2,500 support area in the coming days.

Ethereum Sustains the Bullish Trend as the Overall Momentum Is Bullish

ETH is currently residing near $2,775 area and trying to push downward. However, the dynamic level of 20 EMA may hold the price as strong support on the intraday chart.

Ethereum Sustains

Image: Ethereum 4 Hour Chart

According to the 4-hour chart, Ethereum sustains the bullish trend and currently trading around $2,775 area. As per the current scenario, if the price can have an impulsive bearish candle close below $2,800 to $2,780 key resistance area, the bears may regain momentum and push the price down towards $2,550 to $2,500 area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price higher. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Moreover, the MACD lines are currently residing above the 0.00 level and had a bearish crossover. It indicates that the bears may regain momentum for a while in the process.

ETH May Revert Back to the Mean

According to the daily chart, Ethereum sustains the bullish trend as the bulls are optimistic. As per the current price action context, if the price can have a daily bearish candle close below $2,800 to $2,780 resistance level, the price may retrace downward towards $2,550 to $2,500 support area in the coming days. So, if the price retraced towards $2,550 to $2,500 support area and bounced upside with an impulsive bullish candle, the bulls may continue the bullish trend towards $2,780 to $2,800 area as a first target. The second target will be $3,050 to $3,100 area if the price can break above $2,780 to $2,800 area in the process.

Ethereum Sustains

Image: Ethereum Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing far below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may pull the price down as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.

To conclude, after an impulsive bullish momentum, the price requires a downside retracement. As the overall bias is bullish, there is a high chance that the ETH may continue its bullish trend further in the coming days. 

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