Ethereum price analysis on April 11

Key points

Ethereum prices continued to rise, but failed to break through the $185 gain.

The currency price began to move downwards and fell below the support of $180 and $174.

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In the downturn, Ethereum fell below this important bullish trend line this week, with support at $178.

Ethereum still has the potential to fall further, but can still find support above $165.

Ethereum price analysis

Yesterday, we discussed the possibility of Ethereum breaking through $180. Ethereum did break through the resistance levels of $180 and $182. Although the rally was urgent, it did not break through $185. And Ethereum was also rejected in the last 61.8% Fibonacci retracement of the fall (from a high of $188 to a low of $174), which triggered a new round of sharp decline and fell to $182. Below $180.

More importantly, Ethereum fell below this week's important bullish trend line during the downtrend, with trend line support at $178. The pair even fell below the $174 support level and formed a low of $170.6. Recently, Ethereum has risen a few points above the $173 and the last drop of the 23.6% Fibonacci retracement (from a high of $185 to a low of $170). However, the currency price faced strong resistance near the breakout of the trend line and around $178.

In addition, the last 50% Fibonacci retracement (from a high of $185 to a low of $170) also represented a resistance level. Ethereum is currently trading under $178 and $180 below the bearish. Therefore, the price is likely to fall below $174 and below $172. It is also possible to fall back below $170. The next major support is at $165, and if the price reaches this level there may be a large number of buyers.

As can be seen from the chart, the Ethereum price began to show a significant downward correction from the resistance level of $185. Therefore, Ethereum is completely at risk of falling below $170. Having said that, the $165 level may be a large price for buyers. Conversely, if the price falls below $165, Ethereum will likely return to the support level of $156.

Technical indicator signal

MACD per hour – MACD gains momentum in the bearish range

RSI per hour – RSI fell sharply below 50, currently close to 40

Main support level – $170

Main resistance level – $180

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.

Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.

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