2024-4-18 18:30 |
The Ethereum price is currently undergoing a notable corrective movement, having corrected to approximately $2,845 in recent days
A month ago, BeInCrypto suggested that significant support levels were around $3,215 at the 50-day EMA and between $3,107 and $3,215 at key Fibonacci levels. This range presented a favorable opportunity for Ethereum to experience a bullish rebound.
ETH Finds Support: Price Stabilizes at 0.382 Fib Level, Around $3,107In the monthly chart, Ethereum’s price remains positioned near the 0.382 Fibonacci support level. A potential bullish scenario entails a monthly close above this level, signaling positive momentum for the cryptocurrency. However, failure to maintain this support could lead to further downsides, with significant Fibonacci support of around $2,500.
Despite the ongoing corrective movement, the Moving Average Convergence Divergence (MACD) lines retain a bullish crossover while the Relative Strength Index (RSI) hovers in neutral territory.
Ethereum Price Chart. Source: TradingviewNonetheless, the MACD histogram shows early signs of a bearish downturn. Amidst a monthly decline of approximately 24%, Ethereum has retraced nearly 31% from its recent peak of around $4,095.
Read More: How to Buy Ethereum (ETH) and Everything You Need to Know
Is a Bullish Rebound in Store for Ethereum?Last week, Ethereum managed to maintain its position above the 0.382 Fibonacci support level, holding steady at around $3,107. This trend has persisted into the current week.
However, caution is warranted as the MACD lines on the weekly chart are on the verge of forming a bearish crossover. The MACD histogram has also exhibited a bearish trend over the past few weeks.
Meanwhile, the RSI remains neutral, offering no clear direction. If Ethereum breaks below the current support, the 50-week Exponential Moving Average (EMA) at around $2,442 is poised to provide additional support.
Ethereum Price Chart. Source: TradingviewFurthermore, the 50-week EMA at the Golden Ratio is another layer of support. Despite these potential bearish signals, it’s worth noting that the EMAs still exhibit a golden crossover, indicating a bullish trend in the medium term.
Ethereum Remains in a Downward ChannelIn the daily chart, Ethereum is currently within a parallel descending channel. If ETH decides to move upwards, it will encounter significant resistance at the 50-day EMA, which aligns with the 0.382 Fibonacci level around $3,324.
Alternatively, should ETH continue its upward momentum, it will face substantial resistance at the channel’s upper boundary, near $3,650, corresponding to the golden ratio.
The indicators present mixed signals on the daily chart. While the EMAs display a golden crossover, signaling a bullish trend in the short to medium term, the MACD lines have crossed bearishly.
Ethereum Price Chart. Source: TradingviewHowever, the MACD histogram has started to show bullish momentum today. The RSI remains indecisive, providing no clear signals at the moment.
Death Cross Signals Potential Downturn on 4H ChartIn the 4-hour chart, Ethereum exhibits a bullish sentiment as indicated by the MACD lines, which are crossed upwards, and the MACD histogram, which shows a bullish trend. Concurrently, the RSI is situated in neutral territory.
Ethereum Price Chart. Source: TradingviewNevertheless, the EMAs’ death cross formation suggests a short-term bearish trend.
ETH vs. BTC: Ethereum Tests Resistance at 50-4H EMA, Near 0.049 BTCCompared to Bitcoin, Ethereum’s price is experiencing a downward trend, with significant support found near 0.043 BTC. Conversely, resistance is prominent at the 50-4H Exponential Moving Average, currently around 0.049 BTC, where the price faces rejection.
Read More: Ethereum (ETH) Price Prediction 2024/2025/2030
The MACD histogram indicates a bearish trend with a downward tick, while the MACD lines are poised for a bearish crossover. Additionally, the Death Cross formed by the Exponential Moving Averages further confirms the short-term bearish trend.
ETH/BTC Price Chart. Source: TradingviewGiven these indicators, Ethereum’s performance against Bitcoin suggests a potential return to the golden ratio support at approximately 0.043 BTC in the short to medium term.
The post Ethereum (ETH) Price Forecast: Has the Correction Ended, or Is Further Decline Expected? appeared first on BeInCrypto.
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