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ETH/USD price analysis, April 12

Apr 12, 2021 Forex News

Last week, after a short correction to the area of $1950, the ETH/USD pair was still able to return to the area above $2000. Thanks to the activation of bulls and the growth of buy transactions, the price of Ethereum was able to reach a new high. At the time of publication, the ETH/USD pair is trading in the area of $2130 and is still above the 100-hour moving average. At the moment, this area of ​​congestion of buyers is the key to the upward trend.

On the 4-hour chart of the pair, it can be seen that after reaching $2200, the momentum dried up and the price began to show a pullback. Analysts believe that the price of Ethereum has not yet reached its limit. If the bulls manage to repeat the rally and the price rises above $2200, we will see a new rise in buy orders. In this case, the price of Ethereum may rise to a new all-time high of $2500.

The MACD indicator predicts sideways movement in the near future and is in the area of ​​20. When the MACD line starts to cross the signal line, traders are advised to buy. On the other hand, crossing the signal line means that the price of ETH is rapidly falling into the hands of bears.

The RSI is forming in the neutral zone at 51, showing a downtrend. Thus, we can assume that in the short term we will see the movement of the ETH/USD pair in the range of $2100- $2180 before a new growth attempt.

Support levels: $2100, $2000 and $1900.

Resistance level: $2200