Ethereum Price Analysis – April 24

  • Price of the Ethereum trends to reach the highs of $700 and $800 level.
  • Ethereum may encounter resistance at the high of $700 because it was formally a strong support level.

Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bullish

Resistance: $700, $710, $725

Support: $620, $625, $630

Yesterday, April 23, the ETHUSD pair was in a smooth uptrend. The MACD indicator shows that  price momentum of  Ethereum is strong in a bullish market.

Ethereum is currently trading at $682.85. From the weekly chart, Ethereum is still in a bullish market and that price of Ethereum is rising as per the MACD line. The MACD line is above the signal line which indicates that the asset is rising. Also know that when the MACD line and the signal are above the zero line, it shows that ETHUSD pair is in a bullish trend.

The price of Ethereum is approaching the $700 price level and it will encounter resistance by the bears. The resistance level at $700 was formally a support level that was broken by the bears. Price of the asset was previously consolidating before the bears broke that level.  However, if the bulls fail to break the resistance at $700 then price will fall into a range bound movement.

ETHUSD Short-term trend: Bullish

Ethereum, ETHUSD, CryptoCompare chart

In the daily chart, price of Ethereum is bullish as per the MACD line and the signal line which are above the zero line. In the daily chart, price rose to $640 after the breakout at the resistance level of $550, and commenced a range bound movement. It was at this level that price reached the high of $680.

 

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