Ethereum price analysis on April 8

Ethereum price analysis on April 8

Key points

After Ethereum formed support near $165, the upward momentum was good.

Ethereum broke through the $175 and $180 resistance levels and formed a new high of $188.

In the process of rising, Ethereum broke through the main bullish trend line, with resistance at $172.

The trading pair tested a key technical level and the price could be revised to below $180.

Ethereum price analysis

After a substantial correction, Ethereum found support around $154. Subsequently, prices began to rebound and rose above $164, $165, $168 and the 100-hour simple moving average. Buyers gained control and pushed prices up to the 61.8% Fibonacci retracement of the last decline (from a high of $180 to a low of $154). This opened the door for further breaks of the $175 and $180 resistance levels.

In addition, during the ascent, Ethereum broke through the main bullish trend line with resistance at $172. Ethereum surpassed the last $180 high and formed a new high of $188. More importantly, the currency test tested the 1.236 FIB extension level of the last decline. In the beginning, the currency seems to be consolidating gains around $185, but may fix a few points to $180 in the short term.

If the currency price continues to fall, Ethereum will be revised to the $175 and $174 support areas. However, Ethereum may encounter a large number of buyers around $180 and $175 when it falls. If the price rises, Ethereum will likely break through the $188 and $190 resistance levels. The next key resistance is at $200. Sellers may appear when Ethereum is upgraded to this area.

Ethereum price analysis on April 8

As can be seen from the chart, the price of Ethereum has clearly exceeded the resistance of $175 and $180. If the price continues to fall, the above two prices may play a supporting role. Overall, the transaction is biased towards the right angle, and the probability of a gain of more than $190 is high.

Technical indicator signal

MACD per hour – MACD gains momentum in the bullish range

RSI per hour – RSI breaks through the bearish trend line and climbs to 75 or more

Main support level – $180

Main resistance level – $190

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

Global blockchain, digital asset regulation policies and practices - Middle East

Since most Middle Eastern countries have banned digital asset trading, digital currency trading still has many obstac...

Market

Bitcoin prices began to fall after successive surges

In the past five days, bitcoin prices have risen sharply, breaking through the resistance of $ 7,000, and even broke ...

Blockchain

Interpretation of the central bank's digital currency: To replace the banknote coin, it is very different from Bitcoin

On August 10, Mu Changchun, deputy director of the central bank's payment department, said at the Yichun Forum o...

Blockchain

Analysis: halving is coming, Bitcoin may face greater volatility

Although few people attribute the sharp fluctuations in the price of bitcoin to a fixed supply of bitcoin, many peopl...

Blockchain

More than 100,000 new ASIC mining machines were added in two weeks, and Bitcoin’s entire network computing power was innovated.

According to Coindesk's August 5 report, the total power of the Bitcoin blockchain has reached another record. (...

Blockchain

Depth | Coin's stolen 7,000 bitcoins, why did bitcoin rise against the trend and stand out?

table of Contents: First, the currency was stolen Second, technical analysis Third, recurring twists and turns Bitcoi...