Ethereum price analysis on April 12

Ethereum price analysis on April 12

Key points

Ethereum's decline has widened and fell below the support of $170.

The seller got the incentive to push the price to the $160 support level.

On the hourly price chart, there is a major bearish trend line with resistance at $164.

The currency price continues to fall and may fall to the support level of $155 in the short term.

Ethereum price analysis

After struggling for a while at the $185 support level, Ethereum began to fall. Ethereum's bearish momentum has strengthened and has fallen below the $175 and $170 support levels. However, the selling pressure continued to increase, and Ethereum fell below the $165 support level and the 100-hour SMA shortly after. This led to more losses and the price moved in the direction of the $160 support level. At present, the price is consolidating the decline above 160 US dollars, and the angle is bearish.

If the price goes up, the initial resistance is at $164 and the last 23.6% Fibonacci retracement (from a high of $185 to a low of $160). On the hourly price chart, there is a major bearish trend line with resistance at $164. The previous $165, which was expressed as a support level, was also converted to resistance. If the price can close above $165, Ethereum will likely rebound to $172. The price coincides with the last 50% Fibonacci retracement (from a high of $185 to a low of $160), and the 100-hour SMA is also at $172.

If the price falls, the $160 will continue to play a supporting role. But falling to $155 is not impossible. The $155 support is very important. If the price falls below $155, Ethereum will likely slip to $142.

Ethereum price analysis on April 12

As can be seen from the chart, Ethereum fell sharply and fell below the support level of $170 and $165. The last one is now 唉155 USD, and the price may encounter buyers when it reaches this price. If you want to start a decent rebound, the price must rise above $165 and $172. Only in this way, it is possible for Ethereum to return to the resistance level of $185.

Technical indicator signal

MACD per hour – MACD moves slowly within the bearish range

RSI per hour – RSI is now well below 50 water, currently close to 32

Main support level – $155

Main resistance level – $172

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

Blockchain

The market is experiencing violent smashing, is it a bull trap or a strong dishwashing?

Bitcoin suffered a large selling pressure in the early hours of the night and once touched the 8000-dollar integer ma...

Blockchain

Data Analysis: Do miners "manipulate" bitcoin prices?

The latest data shows that miners may be the driving force behind the large fluctuations in bitcoin prices. The miner...

Market

Up and down fluctuations of 3,000 bitcoin long and short double explosions appear again

2, the callback to follow the multi-single from $11,800 to $12,000, first to see $12,600, to see $13,000 and $13,500 ...

Blockchain

The volume is falling, is it a dishwashing or a shipment?

The EOS of the oversold rebound continued to adjust. The BTC adopted a step-by-step trend. Only BNB chose to run down...

Blockchain

Bitcoin transactions are exempt from VAT! The Singapore government has finally opened up

On July 8th, according to foreign media reports, the Singapore government's tax agency plans to terminate the Go...

Blockchain

Big rise and fall! Bitcoin fell $1,100 after breaking $9,000

After bitcoin rose above $9, it fell more than $500, and some blockchain concept stocks fell. Bitstamp platform data ...