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
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.
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.
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.
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.
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