Key Highlights
- Ethereum slumps to $150 low after being overbought
- Ether resumes upward move after recovering above $150 support
Ethereum (ETH) Current Statistics
- Current price: $169.43
- Market Capitalization: $18,729,341,185
- Trading Volume: $20,526,772,945
- Major Resistance Zones: $175, $200, $225
- Major Support Zones: $125, $100, $75
Ethereum Price Analysis April 16
In last week’s analysis, Ether (ETH) rebounded at a low of $140 and reached the $175 resistance zone. The bulls made concerted efforts to break the resistance to no avail. In the same vein, the daily stochastic has indicated a possible bearish signal as the cryptocurrency reached the overbought region. On April 10, sellers emerged to push the coin to the low of $150.
Today, the bulls are making a fresh upward move to retest the $175 resistance. The buying pressure at $150 support is much as the coin rebounded at the current support. Possibly, buyers will target the $175 resistance to break above it. Ethereum will rally above $200 and reach a high of $240. On the other hand, if the bulls fail to breach the resistance, the crypto will be compelled to a sideways move below it.
ETH/USD – Daily Chart
Ethereum Technical Indicators Reading
The selling pressure of the coin has been exhausted. The coin is above 50% range of the daily stochastic. The stochastic bands are making a U-turn indicating a bullish signal. Today, the coin rebounded above the support line of the ascending channel.
Conclusion
Ethereum has resumed an uptrend. Certainly, there is the possibility of breaking the $175 resistance, if the bulls sustain the current upward move. The EMAs slopes upward indicating the uptrend. Today, the market has risen and it is approaching the $175 resistance. ETH will be out of the downtrend zone if the bulls are successful
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Source: Coinfo mania