Ethereum Price Analysis – April 16

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ETHUSD Medium-term Trend: Bullish

Resistance: $530, $525, $520   

Support: $500, $505, $510

Last week, the Ethereum price was unstable but it had a bullish breakout that made it trade at $510.51, at the close of business on Friday 13th, 2018. Today, Ethereum is in a smooth uptrend. From the weekly chart, Ethereum is still in a bullish trend. The MACD line and the signal line are above the zero line. A negative histogram has turned to positive histogram as a result of the bullish trend.

The asset price is currently trading at $512. If the bulls succeed in breaking the resistance at $550, Ethereum will reach the previous high of either $600 or $725. However, if the bears break the support at $500, Ethereum price will fall to his low at $440.

ETHUSD Short-term trend: Bearish

Ethereum, ETHUSD, CryptoCompare chart

In the daily chart, Ethereum price is bearish. The asset price fell when it encountered resistance at $533 and it fell to the low of $508. The fallen price has started its corrections. The price corrections may revisit the previous high of $550 and go beyond the $600. As a result of the fallen price, the positive histogram has dropped to negative, while the MACD line and the signal line are below the zero line.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.                                                                                             



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