Ethereum price analysis on April 16

Ethereum price analysis on April 16

Key points

Ethereum failed to break through the $170 resistance level and expanded the decline.

The price of the currency fell to a new low of $155, but was subsequently revised to above $160.

On the hourly price chart, there is a key bearish trend line with resistance at $166.

Ethereum may continue to fall, but it may find support around $155 and $150.

Ethereum price analysis

Yesterday, Ethereum rebounded well and rose above $165 and $166. The deal pair tested $170, but the seller appeared, preventing further gains. After forming a top near $170, the price started a new round of decline. Prices have entered a bearish range after falling below the $165 and $160 support levels. The decline was so large that Ethereum set a new low near $160 and closed at the 100-hour simple moving average.

At the fall of $155, Ethereum formed a new low and then began a new round of gains. During this upswing, the price broke through $160 and the 23.6% Fibonacci retracement of the last decline (from a high of $170 to a low of $150). The first resistance is between $162 and $163. The dollar range coincides with the last 50% Fibonacci retracement (from a high of $170 to a low of $150). On the hourly price chart, there is a key bearish trend line with resistance at $166.

Therefore, if the price rises above $163, Ethereum may encounter sellers around $166. If the buyer fails to push the price above $166, the price may fall again. In terms of decline, $155 and $150 will be two important resistance levels. As long as the price is above these support levels, there is a possibility of breaking through $165 and $170 in the next few days.

Ethereum price analysis on April 16

As can be seen from the chart, Ethereum prices showed bearish signs below $166 and $170. Therefore, before the rise, Ethereum may fall to the level of $155 and $150. If Ethereum breaks the resistance level on the trend line, the price of the currency will likely move towards $170.

Technical indicator signal

MACD per hour – MACD is currently in a bearish range with negative signs

RSI per hour – RSI rebounds to above 35, but well below 50

Main support level – $155

Main resistance level – $166

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

BTC computing power continues to rise, rising 40% in 19 years, close to historical highs

As the price of Bitcoin continues to rebound this year, it seems that it has rekindled interest. The computing power ...

Blockchain

Cruel reality: Bitcoin and Ethereum will never be a means of payment

Although Bitcoin and Ethereum account for more than three-quarters of the total market value of digital currency, but...

Opinion

New Journey of Digital Gold Exploring Diversification and Protocol Innovation in the Bitcoin Ecosystem

The Bitcoin ecosystem has shown a wide range of potential applications through technologies such as the Lightning Net...

Blockchain

V God talks about Ethereum 2.0 again: Looking forward to the next 5 to 10 years, Ethereum will be better than Bitcoin

Vitalik Buterin did not allow the spread of the coronavirus epidemic and market disruption to hinder the development ...

Blockchain

The whale moves frequently, this new block actually holds 900,000 bitcoins, which is equivalent to Satoshi's bitcoin holdings

Over the past day, bitcoin whale activity has intensified, with amazingly large transactions on the blockchain. But a...

Blockchain

In less than two years, the market value will be evaporated by $460 billion. How can the self-help of the collective misfiring of the altcoin?

This round of bitcoin bull market, the cottage currency is too far behind. The "crazy history" of 2017 did ...