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Ethereum (ETH) Price Analysis – April 16 Bullish

Ethereum Chart By TradingView

ETHUSD Medium-term Trend: Bullish

  • Resistance Levels: $230, $240, $250
  • Support Levels: $150, $140, $130

Last week the ETHUSD pair was in a bearish trend. The bulls reached a high of $185.64 and were resisted. On April 8, the crypto’s price made a downward correction to the support of the 12-day EMA. On April 10, the bulls could not sustain the price above the EMAs and the bears broke the 12-day EMA and the 26-day EMA to the bearish trend zone.

The price fell to the low of $165.21 and commenced a range bound movement. The crypto’s price is below the EMAs which indicates that the price is likely to fall. On April 14, the bulls break above the EMAs to reach the high of $170.32. On the upside, if the bulls sustain a price above the EMAs the crypto’s price will rise to retest the $184 resistance level.

On the other hand, if the bulls fail to  sustain price above the EMAs, the crypto’s price will fall to resume a downward trend. Meanwhile, the crypto’s is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

ETHUSD Short-term Trend: Bullish

Ethereum Chart By TradingView

On the 1- hour chart, the price of Ethereum is in the bullish trend zone.The bulls broke above the EMAs to reach a high of $169 and commenced a range bound movement above it. The crypto is ranging above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise.

However, if the bears break below the EMAs, the crypto’s price is likely to fall. Meanwhile, the MACD line and the signal line are above the zero  line which indicates that the price is in the bullish trend zone.

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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