ETH/USD technical analysis April 21

21.04.2020 07:25:45

Ethereum price showed a decrease yesterday, breaking through support levels of $180 and $175. At the time of publication, the ETH/USD pair is trading around $173. If the correction of the ETH/USD pair continues soon, the support levels of $165, $160 will come into play. In the area of ​​these levels, bulls are activated, as these are profitable entry points to the market in the current situation.

And this morning it is confirmed. The ETH/USD pair is showing growth. Ethereum began to rise from $167, rose above $170 and came close to $175.

ethusd-21-April.jpg

Now the first initial resistance for the pair ETH/USD is the level of $173. This is followed by a level of $175. To continue its growth, the ETH/USD pair should close above $175 and show growth above $178, here the ETH/USD pair will need to break through a simple moving average. The area of ​​$185-$188 will provide the pair ETH/USD with sufficient resistance.

On the other hand, immediate support is near the level of $165. This is the level that will ensure the increase in Ethereum purchase volumes, thereby pushing prices up.

Below this level, the level of $160 provides sufficient support (last week this level provided resistance for the ETH/USD pair). If the ETH/USD pair falls below the support level of $160, the bulls may lose control.

Technical indicators indicate the beginning of a decline in the ETH/USD pair. MACD is formed below zero, and RSI is formed below level 50.