Ethereum Analysis of April 5: Preparing for a New Rising?

According to the Ethereum analysis of April 5; Ethereum remained stable above the $3,400 level. ETH is rising and it might break above the $3,550 resistance zone according to technical analysis by NewsBTC’s Aayush Jindal.

Is Ethereum Targeting a Breakout To The Upside?

Ethereum retained the $3,400 support even though it was bearish. The bulls were also active near the 50% Fib retracement level of the rise from the $3,215 low to $3,580 high. It seems like a double bottom formation was formed near $3,400 and the price started a fresh increase. There was a move above the $3,500 level and the 100 hourly simple moving average.

The price is currently facing resistance near the $3,525 level. There is also a connecting bearish trend line forming with resistance near $3,530 on the hourly chart of ETH/USD. The next major resistance is near the $3,580 level. If ETH breaks the $3,580 resistance zone, it could start a massive increase. In the indicated case, the price could rise above the $3,600 zone. The next stop for the bulls could be $3,750.

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Ethereum analysis of April 5
Ethereum analysis of April 5

Will Ethereum Drop?

In the Ethereum analysis of April 5, according to Jindal; He says that if Ethereum fails to start a fresh increase above the $3,580 level, it could start another downside correction. An initial support on the downside is near the $3,450 zone and the 100 hourly simple moving average.

The next major support is near the $3,400 level. If there is a downside break below the $3,400 support, it could test $3,350. This is close to the 61.8% Fib retracement level of the key rise from the $3,215 high to $3,580 high. Any more losses may perhaps lead to a move towards the $3,220 support area.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
  • Major Support Level – $3,400
  • Main Resistance Level – $3,580

Note: You have come to the end of the Ethereum analysis of April 5. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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