The crypto market recovery is gradually picking up pace after significant declines earlier in the week. Ethereum reached new all-time highs at $2,151 on April. 6 before succumbing to the bears. After Ethereum price dropped to $1,929, a rebound ensues on ETH/USD past $2,000 to revive the April uptrend. As of the time of writing, Ethereum was exchanging hands at $2,056, gaining 2.37% in the last 24 hours and 5.18% weekly. Ranking second on the Coinmarketcap table, Ethereum has a present market cap of $234 billion and $32 billion in trade volume over the past 24 hours. A market intel report from Chainalysis tweeted by its Chief economist Philip Gradwell noted that the cryptocurrency’s cost curve suggests that Ethereum’s peak price of $2,150 has a narrower base of support than Bitcoin’s peak price. The strongest level of observed demand which represents support for Ethereum (ETH) was at $1,800.
*Ethereum reached new all-time highs at $2,150 in April. 6
*Ethereum was exchanging hands at $2,056, gaining 2.37% in the last 24 hours and 5.18% weekly
*The strongest level of observed demand which represents support for Ethereum (ETH) was at $1,800
Key Levels
Resistance Levels: $2,100, $2,041, $1,980
Support Levels: $1,800, $1,700, $1,600
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
On Apr. 6, ETH tested highs at $2,128 before pulling back to intraday lows of $1,929. The repeated attempts by the bulls to dominate the $2,150 resistance line since April 2. Showed hesitancy among the bulls at this price level. The bulls will then make one more attempt to drive ETH price above $2,150. If they succeed, the ETH/USD pair could rally to the next target objective at $2,600.
On the contrary, the spotlight may turn to the $1,929-$1,949 support range if selling pressure returns. Beneath this, the MA 50 support at $1,774 could come first into view ahead of the ascending trendline support at $1,538. The RSI slightly above the mid 50 reading suggests possible consolidation.
ETH/USD 4-Hour Chart: Ranging
ETHUSD 4-Hour Chart
ETH price declined heavily and broke the MA 50 support level at $2,037 to move into the negative territory. A low was formed at $1,929 and later the price recovered to $2,077 in April. 8. On the downside, the MA 50 support level at $2,037 is an important barrier for sellers as Ethereum is presently depending on it to hold.
If the sellers succeed in clearing the MA 50, there is a risk of a downside break below the $1,980 level ahead of the $1,929 support. In case of further declines, ETH/USD may seek support at the next buyer congestion zone of $1,886. Conversely, if there is a break above the immediate barrier at $2,077, the price could recover towards the $2,128 level or the $2,151 resistance formed at the recent all-time highs.
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