Weekend Fakeout? Analysts Wary of Latest Bitcoin Rally as Price Passes $19k

Spread the love

Ethereum is recovering higher from the $535 support zone against the US Dollar. ETH price must surpass $580 to start a strong rally towards $600 and $620 in the near term.

  • ETH price found support near $535 and started a steady recovery against the US Dollar.
  • The price is currently trading above $560 and the 100 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $570 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could rise sharply if there is a clear break above $570 and $580.

Ethereum Price is Approaching a Key Breakout

This past week, bitcoin and ethereum saw a downside extension below $18,000 and $550 respectively against the US Dollar. ETH price even spiked below the $540 support and settled below the 100 simple moving average (4-hours).

However, the bulls were able to protect the $530 support zone. A swing low was formed near $535 and the price recently started a steady upward move. There was a clear break above the $550 resistance level.

Ether price also surpassed the 50% Fib retracement level of the downward move from the $578 swing high to $535 swing low. It is now trading near the $570 resistance zone and above the 100 simple moving average (4-hours). There is also a crucial contracting triangle forming with resistance near $570 on the 4-hours chart of ETH/USD.

RECOMMENDED READ:  Altcoin Market Pulls Back as Nasdaq Hits Brakes — Crypto Market Daily
Ethereum (ETH)
Source: ETHUSD on TradingView.com

The triangle resistance is close to the 76.4% Fib retracement level of the downward move from the $578 swing high to $535 swing low. The next major resistance and a key breakout zone sits near the $580 level.

A successful break above the $570 resistance and a follow up move above the $580 level could start a strong increase. The next major resistance is near $600, above which it could rise towards the $620 level.

Fresh Decline in Ether (ETH)?

If Ethereum fails to clear the $570 and $580 resistance levels, there is a risk of another bearish reaction. An initial support is near the $555 level.

The first major support zone sits near the $550 level and the triangle lower trend line. A downside break below the triangle support might lead the price towards the $535 support zone.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is showing positive signs and it is above the 50 level.

Major Support Level – $550

Major Resistance Level – $570

 256 Interactions,  2 today

READ ALSO:
Cardano, Cosmos, Hedera Hashgraph Price Movement Analysis for 17th April, 2021

Cardano was moving in an ascending channel, and a failure was predicted as it reached the $1.49-resistance stage. Cosmos could Read more

Ethereum, BitTorrent Token, Zcash Price Movement Analysis for 17th April, 2021

Following a bearish divergence, Ethereum fell to $2310. BitTorrent Token seemed to be on the verge of converting the $0.0089 Read more

When will the Bitcoin price boom come to an end? Here’s what’s behind the Bitcoin bull market.

Is the sustained rise in Bitcoin values due to a steady stream of positive news, or is there anything else Read more

Why is Dogecoin still attracting looooong hodlers?

OGE's price has increased by more than 140 percent in the last 24 hours, and the altcoin is actually ranked Read more

Investors’ on-chain behaviour suggests that Bitcoin’s valuation period will peak above $166 in the near future.

If history repeats itself, the Bitcoin period top will most likely occur at prices over $166,000 per coin. Bitcoin (BTC) Read more

RECOMMENDED READ:  MoneyGram CEO Praises Ripple XRP for Providing Speed and Efficiency for Cross-Border Payments
Litecoin, Ethereum Classic, Synthetix Price Movement Analysis for 17th April, 2021

Litecoin and Synthetix traded between ascending networks, but a bullish wider market could postpone the breakdowns in the coming sessions. Read more

 Chiliz, Stellar Lumens, Verge Price Movement Analysis for 17th April, 2021

Historically, the altcoin market has tracked the price movement of Bitcoin. Indeed, for the majority of its existence, the fortunes Read more

Bitcoin Price Movement Analysis for 17th April, 2021

Following reports that Turkey's central bank had placed a ban on crypto-holders using their digital currencies for payment, Bitcoin fell Read more

Peter Schiff predicts the DOGE will reach $1 and proposes that Twitter avatars wear laser beams.

Peter Schiff, CEO of Euro Pacific Capital and a well-known Bitcoin detractor, took to Twitter to comment on Dogecoin's latest Read more

RRipple to Provide ODL Metrics to Institutions and Private Clients

Matt Hamilton, director of developer relations at RippleX, shared on Twitter that Ripple expects to add ODL indicators to its Read more

NFT platforms: reaching outside marketplaces to offer one-of-a-kind content

Why do artists want NTFs, and what can be done with them apart from purchasing and selling? Here's what the Read more

Leave a Reply

Contact Us