Ethereum Price Prediction: ETH/USD Price Corrects Downward After Having Created a Mirage around $176

ETH Price Prediction – April 7

The Ethereum price breaks above $175 and a stronger retest of previous resistance are expected.

ETH/USD Market

Key Levels:

Resistance levels: $200, $205, $210

Support levels: $130, $125, $120

ETHUSD – Daily Chart

Today, ETHUSD is trading in the red by -3.59% in the session. This battle comes after ETH/USD tried and failed to extend gains past $176 which happens to be the daily high as at the time of writing. Ethereum price is back under $170 and currently exchanging hands at $165.35. Moreover, ETH/USD is moving above the 9-day and 21-day moving averages.

Furthermore, as long as the 9-day MA remains above the 21-day MA, traders can expect ETH to consolidate at higher levels. That’s if we could see a further climb above the $180 which is fast approaching; it may likely reach the resistance at $200, $205 and $210 levels. Meanwhile, the critical support levels to watch for lie at $130, $125 and $120 respectively.

At the moment, ETH/USD is following a dominant bullish bias. Meanwhile, the MACD displays a positive picture of the coin in the near-term. More so, by maintaining a gradual upward slope in the positive region, the MACD divergence is becoming a sign of growth in the buying entries.

Against Bitcoin, the daily chart reveals that the bulls are making effort to step back into the market and the coin is making an attempt to show some promising signs that could make higher highs if the price moves above the upper boundary of the channel. Looking at the upside, the nearest resistance level lies at 0.024 BTC and above this, higher resistance lies at 0.025 BTC and 0.026 BTC.

ETHBTC – Daily Chart

Moreover, when looking from the downside, the nearest support levels are 0.023 BTC and beneath this, further support lies at 0.022 BTC. If the price drops further to create another low, lower support is located at 0.021 BTC, 0.020 BTC, and 0.019 BTC. The MACD signal lines are making an attempt to cross into the positive side which indicates more bullish signals.

Please note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.