ETH price consolidates in today’s morning session, and as the trading day progressed, an upside movement is seen in the price. The price tested the highs of $3,130, which plays a strong resistance for the bulls. However, if the price breaches the mentioned level then for the short term some buying positions could be initiated. On April 18, a low of $2880 formed near the lower trend line.
- ETH price trades sideways for the last one week, after dropping by almost 20% in the last three weeks.
- The formation of ‘rising wedge’ formation on a broader time frame indicates downside movement in ETH.
- Technical setup indicates a decline if it breaks the $2,887 on the daily basis, then the next level will be $2,500.
ETH price stays above 50-day SMA
On Wednesday, after testing the upper levels at $3169, the buyers failed to maintain the gains and closed near the lower levels at $3076.77. The ETH price is taking the support from 50-days SMA (simple moving average), which pulls the asset to the upper side and holds it for the positive biasness.
If we look at the recent ETH price action, the price has been trading inside the rising wedge pattern since late January. The ‘rising wedge’ is a bearish formation. However, the price is making higher highs and higher lows as per the formation, we expect ETH price could revisit the highs of $,3800.
The Relative Strength Index (RSI) is trading between the range of 60 and 40 levels, which is not predicting any strong momentum on any of the sides.
On the contrary, if ETH accepts the lower levels of $3005 it will trigger a fresh round of selling in the asset. A bearish trend will be seen in ETH from hereon.
As of publication time, ETH/USD trades at $3147.64 up 2.64% for the day.
- Breaking: Terra 2.0 Plan Officially Approved, Testnet Goes Live
- Do Kwon’s Terra 2.0 Plan Rejected By S.Korean Crypto Exchanges
- Just-In: Avalanche Asks ApeCoin To Ditch Ethereum For Otherside Launch
- Tron (TRX) Overtakes Shiba Inu In Value On This Key Reason
- Voting On New Terra Chain To End Soon, Where Does The Tally Stand?
- Ethereum Gas Fee Drops To the Lowest Since July 2021, ETH In Accumulation Phase
- Popular Crypto Wallet MetaMask to Integrate Coinbase Pay As Part of Web 3 Push
- Why Billionaire Ray Dalio Is Still Betting Big On Bitcoin (BTC)?
- CZ Fuels Rumors Of Binance’s Trading Service Launch In Dubai
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- TRON Price Analysis: High Volume Breakout may Lead TRX to $0.9 Mark
- Tezos Price Analysis: Dynamic Trendline May Carry XTZ Price to $2.4
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?