Ethereum Price Analysis – April 25

Azeez Mustapha
  • As the bulls lost control at the $700 resistance level; the MACD line and the signal line also falls below the zero line indicating a bearish signal.

 

ETHUSD Medium-term Trend: Bullish

Resistance: $680, $670, $660

Support: $620, $630, $640

Yesterday, April 24, Ethereum price was in a bullish market and reached the resistance level at $700. The bulls have attempted breaking the resistance level without success. The reason for this is that the resistance level was previously a strong support level that was broken by the bears on March 13, 2018. Today, the asset is trading at $644.55 at the time of writing.

Nevertheless, in the weekly chart, the ETHUSD pair traded up to $709, but was resisted by the bears. The price fell to the $640 low. However, although the price has fallen as per the indicators and price action; the overall trend is bullish. In the weekly chart, the MACD line and the signal line are below the zero line, indicating that the market is bearish.

The 12-day EMA is above the 26-day one and are below the price, indicating that the bullish trend is ongoing.

ETHUSD Short-term trend: Ranging

In the daily chart, the price is in a range bound movement. Ethereum was ranging at the $700 resistance level. At $670, the bulls took the price to the resistance zone and were resisted by the bulls at $710. Then there was a pullback to the $640 low when the market went into a range bound movement.

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