Ethereum price analysis on April 11

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.

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.

Ethereum price analysis on April 11

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Facebook holds high "Libra" Bitcoin market rises

Bitcoin has continued its rise for several months. At the end of May, once it broke through 9,000 US dollars, it quic...

Blockchain

Lost! In this cryptocurrency innovation competition, the United States is too late.

Just as US lawmakers racked their brains about how to deal with Facebook's Libra, they were forced to face anoth...

Blockchain

10 million bitcoins are "sleeping"! Is it better to have more money laundering parties?

A few days ago Coindesk released a statistic: the number of bitcoins that have not moved for more than a year has exc...

Blockchain

Forbes: Bitcoin's rebound this year is more sustainable than 2019

Forbes published an article on Thursday that Bitcoin, the highest-valued cryptocurrency, has rebounded more consisten...

Market

Will Bitcoin prices pull back or continue to rise?

Despite the end of the long-term bear market trend in the encryption market, a well-known analyst believes that excit...

Policy

FTX's Big Sell Grayscale and Bitwise Assets On the Market for $744M

FTX creditors have requested approval from an investment advisor for the sale of trust assets and related procedures.