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TA: Ethereum Recovers But ETH Must Clear This Key Resistance
Ethereum started a recovery wave above the $ 2,800 level against the US Dollar. must clear the $ 2,850 resistance to continue higher in the near term.
- Ethereum started a decent recovery wave above the $ 2,780 and $ 2,800 levels.
- The price is consolidating above $ 2,820 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $ 2,750 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $ 2,850 and $ 2,860 resistance levels to continue higher.
Ethereum Price Faces Resistance
Ethereum followed a bearish path below the $ 2,850 pivot level. ETH even traded below the $ 2,800 support level and the 100 hourly simple moving average.
It traded as low as $ 2,718 before the bulls appeared. Ether price started an upside correction and climbed above the $ 2,750 level. The price was able to surpass the $ 2,800 resistance. There was a clear move above the 23.6% Fib retracement level of the key decline from the $ 2,980 swing high to $ 2,718 low.
Besides, there was a break above a major bearish trend line with resistance near $ 2,750 on the hourly chart of ETH/USD. The pair is now consolidating above $ 2,820 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $ 2,850 level. It is near the 50% Fib retracement level of the key decline from the $ 2,980 swing high to $ 2,718 low. The next major resistance is near the $ 2,880 level. A clear move above the $ 2,880 resistance might start another increase.
Source: ETHUSD on TradingView.com
The next major resistance on the upside might be $ 2,920. Any more gains may perhaps send the price towards the $ 3,000 resistance in the near term.
Fresh Decline in ETH?
If ethereum fails to gain pace above the $ 2,850 resistance, it could start another decline. An initial support on the downside is near the $ 2,800 zone.
The first major support is near the $ 2,750 level. If there is a downside break below the $ 2,750 support, the price could revisit the key $ 2,720 support zone. Any more losses may perhaps open the doors for a larger decline towards the $ 2,650 level or even $ 2,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $ 2,800
Major Resistance Level – $ 2,850
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Price analysis 4/29: BTC, ETH, BNB, SOL, LUNA, XRP, ADA, DOGE, AVAX, DOT
Bitcoin’s inability to hold above $ 40,000 has traders now targeting extreme lows in the $ 25,000 zone, a move that would be absolutely deadly for most altcoins.
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TA: Ethereum Faces Key Challenge, Why Fresh Decline Still Possible
Ethereum started a recovery wave above the $ 2,840 level against the US Dollar. ETH is now facing a major challenge near $ 2,905 and the 100 hourly SMA.
- Ethereum started a decent recovery wave above the $ 2,840 and $ 2,850 levels.
- The price is still below $ 2,900 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $ 2,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $ 2,900 and $ 2,915 resistance levels to continue higher.
Ethereum Price Faces Resistance
Ethereum traded as low as $ 2,766 before it started a recovery wave. ETH was able to settle above the $ 2,800 resistance zone.
There was a move above the $ 2,840 and $ 2,850 resistance levels. Ether even climbed above the 23.6% Fib retracement level of the key drop from the $ 3,040 swing high to $ 2,766 low. It is still below $ 2,900 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $ 2,900 level. There is also a major bearish trend line forming with resistance near $ 2,900 on the hourly chart of ETH/USD.
Besides, the 100 hourly simple moving average is acting as a barrier near $ 2,900. The next major resistance is near the $ 2,905 level. It is near the 50% Fib retracement level of the key drop from the $ 3,040 swing high to $ 2,766 low. A clear move above the $ 2,900 resistance might start another increase.
Source: ETHUSD on TradingView.com
The next major resistance on the upside might be $ 2,975. Any more gains may perhaps send the price towards the $ 3,030 resistance. Any more gains might send the price towards the $ 3,120 level.
Fresh Decline in ETH?
If ethereum fails to gain pace above the $ 2,900 resistance, it could start a downside correction. An initial support on the downside is near the $ 2,860 zone.
The first major support is near the $ 2,850 level. If there is a downside break below the $ 2,850 support, the price could revisit the key $ 2,800 support zone. Any more losses may perhaps open the doors for a larger decline towards the $ 2,600 level or even $ 2,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is just above the 50 level.
Major Support Level – $ 2,850
Major Resistance Level – $ 2,900
TA: Bitcoin Resumes Downtrend, Why Upsides Remain Capped
Bitcoin failed to gain pace above $ 40,700 and declined against the US Dollar. BTC traded to a new weekly low and might struggle to climb above $ 39,200.
- Bitcoin started a fresh decline after it failed to clear the key $ 40,700 resistance zone.
- The price is now back below $ 39,000 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $ 39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be capped near $ 38,800 or $ 39,200.
Bitcoin Price Declines Sharply
Bitcoin price attempted a clear move above the $ 40,500 level. However, BTC failed to clear the $ 40,700 and $ 40,750 resistance levels.
A high was formed near $ 40,776 and the price reacted to the downside. There was a sharp decline below the $ 40,000 level and the 100 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near $ 39,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now back below $ 39,000 and the 100 hourly simple moving average. It traded as low as $ 37,672 and is currently consolidating losses.
It is testing the 23.6% Fib retracement level of the recent decline from the $ 40,776 swing high to $ 37,672 low. An immediate resistance on the upside is near the $ 38,800 level. The next key resistance could be near the $ 39,200 zone.
The 50% Fib retracement level of the recent decline from the $ 40,776 swing high to $ 37,672 low is also near the $ 39,250 zone. The main resistance is now forming near the $ 39,550 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
If there is a clear move above the $ 39,200 and $ 39,550 levels, the price could start a decent increase. In the stated case, the price could even surpass the $ 40,000 resistance. The next major resistance may perhaps be near the $ 40,700 zone.
More Losses in BTC?
If bitcoin fails to clear the $ 39,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $ 37,650 level.
The next major support is seen near the $ 37,500 level. A close below the $ 37,500 support zone might start another decline. In the stated case, the price might drop to $ 36,200.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $ 37,650, followed by $ 37,500.
Major Resistance Levels – $ 39,200, $ 39,550 and $ 40,000.
