Ethereum Price Analysis: ETH/USD Make Or Break Dilemma, Is $200 Achievable In April?

Published April 22, 2020 | Updated April 22, 2020

ethereum

Ethereum Price Analysis: ETH/USD Make Or Break Dilemma, Is $200 Achievable In April?

  • Ethereum price rejection at $191 embraces support at $170 as eyes stay glued on $200.
  • A short term symmetrical triangle hints that a bullish reversal is in the offing.

Ethereum price is strongly holding onto the immediate support at $170. The need to defend this support zone follows a retreat from the recent high at $191. The rally towards $200 was majestic and unstoppable and in tandem with Bitcoin price rise to high above $7,300. However, as Bitcoin retreat due to the crash in the oil market alongside the stock market, Ether also suffered a blow.

Meanwhile, ETH/USD is trading at $171 after growing the opening value of $170.97. At the moment, the trend is bullish and the volatility expanding. This shows that buyers are likely to take back control in the European session and pull the price towards $180. The price action will, however, depend on the ability of the bulls to defend the support at $170.

A short-term symmetrical triangle has formed in the hour range. It presents a bullish case as long as the ongoing bullish trend remains intact. If the resistance at $172 is broken and the bulls push above the triangle resistance, there is a possibility that Ethereum could easily scale the levels towards $180.

From a technical perspective, ETH/USD is in the hands of the bulls. The RSI, in the hourly range has recovered from lows at 23.88 and is testing the resistance at 50 (average). Continues action towards 70 (overbought) could call for more buying entries as Ethereum grinds towards $200. Ethereum could still hit levels at $200 as long as Bitcoin enters into a pre-halving rally.

ETH/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Ethereum Intraday Key Levels

Spot rate: 171

Relative change: 1.44

Percentage change: 0.84%

Trend: Bullish

Volatility: Expanding

 

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
John Isige 946 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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