Ethereum Trading: ETH Rebounds After Plunging To $210 – A Bearish Shock Wave

Ethereum Trading: ETH Rebounds After Plunging To $210 – A Bearish Shock Wave
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Ethereum (ETH) Price Analysis – April 17

After trending on a long decline, ETH market has changed the trend to the upward movement, breaking up the important $200 level to the peak of $280 before the sell-off which has positioned the ETH market in a bearish trend. Currently, the token is trading at around $230 level of 0.033BTC equivalent

ETH/USD Market

Key Levels:
Resistance levels: $260, $280
Support levels: $210, $200

Looking at the market structure, it is clear that Ethereum has been trending higher for that past two weeks after a rise-up at $150 level. The climb followed the blue trend line before joining the new yellow trend line on May 10 which positioned the market in a more revealing positive move to $280 high before the huge sell-off to $215, testing the yellow line.

ETHUSD-4H-Chart-May-17

The 4-hours RSI is revealed bearish as it drops from the overbought zone. We can expect the next downward move to bottom at $210 support. Breaking the mentioned support may slip the market to $200, a major level for bearish confirmation.

However, the Stochastic RSI has reached the oversold region as a result of the recent bear-run in the market. If the indicator rises up, we can expect the next buying pressure at around the $260 and $280 resistance level. As it stands now, ETH is still bullish on the 4-hours chart.

ETH/BTC Market

Against Bitcoin, Ethereum market saw a sharp drop after breaking through the yellow descending trend-line on Tuesday, leading the bull to 0.035 area. The fall was due to a huge supply which led to the selling pressure in the market. The market is still bullish on a medium-term perspective.

ETHBTC, 4H Chart – May 17

For a further bearish move, the sellers may find support at 0.031BTC and possibly the 0.029BTC level. Looking at the 4-hours RSI, the market is now trading below the overbought area after the sharp drop.

As revealed on the 4-hours Stochastic RSI, Ethereum may resume bullish as the selling pressure reaches the oversold level. The next key resistance to watch out for is the 0.035BTC area.

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

About AzeezMustaph

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

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