0
📈 Price Predictions
493 views

Ethereum (ETH) Price Forecast: Looking for April’s Resistance Zone


Ethereum (ETH) Price Forecast: Looking for April’s Resistance Zone

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

2019 has started off quite positively for the 2nd top-ranked cryptocurrency. At the beginning of the year, the rate fluctuated at around $135-$145. However, by the first days of April, it was trading near $165.

What are the preconditions of such growth? Is Ethereum just copying the pattern of BTC’s movements?

Ethereum key data

As of April 7, 2019, you can find some key information of ETH:

  • Market Cap: 18.25 B

  • Circulating Supply: 105.56 M

  • Current rate is $172.65

We will have two cases: one bullish and one bearish in relation to the Ethereum forecast for the end of April.

Ethereum price bullish case

As the recent price of about $164 reached the lower daily Bollinger Band, a rebound is supposed to happen. The lower and upper daily Bollinger Bands as of April 7, 2019, are about $164-$172, where a bounce to the level of $175-$177 is likely.

There is strong resistance level at $180, and the 50-day and 20-day exponential moving averages with current values ​​of $175 and $173, which are falling, are acting as strong resistance zones.
Ethereum chart

Ethereum price bearish case

According to the technical indicators, the downward movement is the dominant trend. The ADX/DMI indicator does not show a strong line, but the point of the -DI line is 30.03 above the value of the +DI line at 13.18, which indicates that the selling pressure is still sufficient. The MACD indicator is in the sideways down, the momentum indicator is also decreasing, and the Stochastic indicator has formed a bullish cross. When the price rebounded to about $165, a bearish cross occurred, and the 20-day exponential moving average declined as confirmed resistance.

If support near the $170 level does not hold, it is highly likely that the price will go down to the $157 mark.

To buy or sell?

The prediction for Ethereum prices is likely to happen and, based on a recent rally, we tend to prefer the bullish rather than the bearish scenario at the end of April.

Cover image via cryptocomes.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings