Etherium Price AnalysisPrice Analysis

Ethereum Price Prediction Today: Another Bloodbath – Support Turned Resistance

  • ETH/USD is exchanging hands at $159.54 while dancing at the 38.2% Fib retracement level.
  • Ethereum bulls must push the price above $160 to cement the building bullish momentum.

Ethereum is fighting for recovery following the broad-based declines across the cryptocurrency market. There has been a formidable correction from Thursday low at $148.02 to the current $159.54 at press time. While the intraday charts are showing a bullish momentum building, Ethereum is still trending 4.8% lower compared to the same time on Thursday.

Ethereum short-term technical picture

ETH/USD 1-hour chart

Ethereum Price Analysis
Chart source: Tradingview

ETH/USD is exchanging hands at $159.54 while dancing at the 38.2% Fib retracement level taken between the previous high at $178.45 to a low of $147.02. Following the break of the week’s support congestion zone at $160, the price entered into a seller interest zone around $158, a move that increased the sellers’ confidence who pushed the price the levels traded in the first week of April amid the incredible bull rally.

Also Read: Crypto-Market Update: Bitcoin [BTC] Drops Below $5k; Altcoin, ETH, XRP, and XMR Traders Panic on Bitfinex News

The bulls must push the crypto above the 38.2% Fib level, beat the resistance at the 12 EMA and bring the price above the support turned resistance at $160. This will allow the price to re-enter yesterday’s short-lived consolidation zone between $163.29 – $166.69. At the moment, this is considered a bullish area for Ethereum and will allow the buyers to gather strength in preparation for an assault on the next resistance targets at the 61.8% Fib level, $168.04 resistance and $170.00 hurdle.

The trends displayed by technical indicators like the RSI and the MACD shows ETH/USD having potential sideways trading if not upside correction in the coming sessions. The RSI, for example, has corrected to 40.37 from levels around 19.15 while the MACD at -1.8956 is in an upward slope to confirm that the buyers have an upper hand.

Ethereum Key Technical Indicators

RSI 1-hour: 40.37 (trend: ranging).

MACD 1-hour: Below the mean line but trending upwards.

EMA 12 1-hour: $159.99

Resistance 1: $160.00

Resistance 2: 163.29

Resistance 3: 168.00

Support 1: The 23.6% Fib level

Support 2: $148.00.

Summary

Ethereum Price Prediction Today: Another Bloodbath – Support Turned Resistance

Article Name

Ethereum Price Prediction Today: Another Bloodbath – Support Turned Resistance

Description

Ethereum Price Prediction: ETH/USD is exchanging hands at $159.54 while dancing at the 38.2% Fib retracement level.
Ethereum bulls must push the price above $160 to cement the building bullish momentum.

Author

John Isige

Publisher Name

Coingape

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Source: coingape.com
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