Published 2 hours ago
ETH Price Prediction: On April 25th, the Ethereum price rebounded the combined support of $1840 and 38.2% with a tweezer bottom candle pattern. A reversal pattern at crucial support increases the possibility for the coin price to undermine the prior correction and resume price recovery. A post-correction rally along with the news spread for another U.S bank at risk of collapse caused a significant uptick in the crypto market.
Key Points:
- In theory, a correction to 38.2% is considered an established uptrend to prolong the price rally
- The coin buyers need a breakout above the $2000 psychological barrier to accelerate the underlying bullish momentum.
- The intraday trading volume in Ether is $11.4 Billion, indicating a 38.5% gain.
Source- Tradingview
As per the recent reports, the First Republic Bank is facing massive capital outflows resembling the Banking crisis witnessed during Mid-march. As a result, the crypto market received significant buyer pressure and surged several major cryptocurrencies higher in the last two days.
Thus, the Ethereum price surged 5.5% and is currently trading at the $1946 mark. With sustaining the buyers should soon hit the $2000 as potential resistance. A breakout above this level is crucial for ETH holders as it will encourage a further 7.5% rally to challenge the last swing high resistance of $2138.
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Conversely, if the coin price shows a reversal sign at $2000, the potential buyers must be cautious as it may lead to the formation of a new lower high to prolong the correction phase.
Technical Indicator
Relative Strength Index: The daily RSI slope rise above the midline reflects the positive sentiment in returning to the Ethereum coin
Exponential Moving Average: with the recent correction, the 50-day EMA slope acted as excellent pullback support in an established uptrend.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1946
- Trend: Bullish
- Volatility: Low
- Resistance level- $2000 and $2138
- Support level- $1850 and $1775
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/eth-price-prediction-new-recovery-cycle-in-ethereum-price-hints-a-10-rally-ahead/