Ethereum (ETH) Price Analysis – April 25
Having broken out of the channel, Ethereum markets follows a downward movement. The sellers are back in the market as they appeared to position both ETHBTC and ETHUSD in a more bearish condition. Meanwhile, the market had loss of 6% in the last 24-hours of trading. More bleeding should be expected!
Resistance levels: $170, $180
Support levels: $140, $130
When Bitcoin drops, altcoins drop twice as much as the leading currency. Ethereum, which maintained a rising channel had just broke-down now; this signals a bearish move for the token. The selling pressure is likely to find a bottom at $140 support level.
Meanwhile, a close-by resistance may be spotted at $170 level. Apparently, the important 50-day moving average (white line) trends above the market which signals a bearish control. in the next few days of trading, the direction of the white line would determine the strength of the market.
Considering the 4-hours MACD, ETH is now trading at the bearish zone. More falls are expected in future trading. As of the time of writing, ETH/USD market is trending at the 20 level of the 4-hours Stochastic RSI.
Breaking out of the falling channel, ETHBTC market continued to follow a bearish sentiment. The bearish move was significant on the medium-term MACD as it currently plays at the extreme low. This shows that the sellers are strongly in control of this market.
Since yesterday, this pair has been consolidating; waiting for the next direction which is yet unknown. If the cryptocurrency plays positive, the buyers may drive the price to the 0.031BTC resistance level. On the other hand, a negative move could further the bearish rally to 0.029BTC low and beyond.
Looking at the chart, the price action is far below the 50-day moving average (white line); suggesting a strong selling pressure. Picturing the 4-hours Stochastic RSI, a possible sell could send price to the oversold condition.
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