Can rate of Ethereum (ETH) withstand sellers’ pressure on Bitcoin (BTC)?
The market has almost entirely come back to the red zone, according to the CoinMarketCap ranking.
ETH/USD
Ethereum (ETH) has lost more than Bitcoin (BTC), going down by 2.74%.
Despite the fall, the price of Ethereum (ETH) has made a false breakout of the local support level at $1,896. If the daily closure happens far from the $1,900 mark, a bounce back may continue to the $1,920-$1,930 zone tomorrow.
On the bigger time frame, the situation remains bearish as the bar is about to close below yesterday’s low at $1,913.60. In this case, there is a high possibility of seeing a further decline to the next important support level at $1,846. Such a scenario is relevant until the end of the week.
From the midterm point of view, the rate of Ethereum (ETH) has returned to the middle of a wide channel. The price is located below the crucial $2,000 mark, which means that sellers have seized the initiative.
However, the leading altcoin is still far from the support at $1,715. All in all, sideways trading in the range of $1,850-$1,950 is the more likely scenario until the end of the month.
Ethereum is trading at $1,909 at press time.
Source: https://u.today/ethereum-eth-price-analysis-for-april-21