Ethereum Price Prediction: After Touching $2646 High; ETH/USD Drops Price

ETH Price Prediction – April 22

In the early hours of today, ETH/USD went up from $2357 to $2646 but the market momentum has to decrease bearish intensity.

ETH/USD Market

Key Levels:

Resistance levels: $2800, $2900, $3000

Support levels: $2100, $2000, $1900

ETHUSD – Daily Chart

Looking at the daily breakdown, we can see that ETH/USD had a bullish spike, which shot the price up from $2357 to $2600, within few hours, where it hits resistance. However, after overcoming the resistance, the price went up further to $2646.20, where it met another healthy resistance level before falling to where is it currently trading at $2405.

Where is ETH Price Going Next?

As the market price remains above the 9-day and 21-day moving averages, if the buyers continue to push the market higher, the immediate resistance is located above the $2700 level. Therefore, any bullish movement above the upper boundary of the channel could touch the resistance levels at $2800, $2900, and $3000 as the technical indicator RSI (14) moves above 60-level, suggesting more bullish signals.

In other words, if the market falls significantly below the 9-day and 21-day moving averages, support levels of $2200 and $2150 may be quickly tested before locating the next support levels. This could lead to a bearish scenario as sellers take control of the market. At the same time, the bullish momentum may keep the price action within the positive side as the red-line of 9-day MA is still very much above the green-line of 21-day MA.

When compares with Bitcoin, the Ethereum price is moving tremendously above the 9-day and 21-day moving averages as the price is changing hands at 4608 SAT, hoping to cross above the upper boundary of the channel while the technical indicator RSI (14) moves into the overbought region. However, the daily chart reveals that the coin is retreating after touching the daily high of 4820 SAT.

ETHBTC – Daily Chart

Negatively, the critical support levels are located at 4100 SAT and below. Inversely, a higher sustainable move may likely attract new buyers to the market with the next resistance at 5000 SAT and above.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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