Technical Analysis for ETHUSD for 5th April 2022
Ethereum Stagnates, ETH Prices Pull Back from $3.6k
Past Performance of ETH
Ethereum is trending in the early January 2022 trade zone when writing. However, as sellers step up, the coin is retracing from this month's highs. As per the candlestick arrangement in the daily chart, traders may seek to unload if prices slide, confirming losses of April 4.
Ethereum Technical Analysis
At spot rates, ETH has resistance at $3.6k. Even though Ethereum buyers are still in control in a bullish breakout pattern above $3.3k, a correction from recent highs may see ETH drop back to $3.3k in a retest. Aggressive sellers may find unloading opportunities on every correction from recent highs as they set their targets at $3.3k. On the flip side, risk-on traders may wait for a conclusive break below $3.3k or $3.6k before trading with the trend. A close below $3.3k may see ETH retrace to $2.9k—a critical support level—previous support.
What to Expect of ETH
The Ethereum community is preparing for the Merger, a positive fundamental factor. A close above $3.6k may see ETH expand back above $4k in a buy trend continuation formation.
Resistance level to watch: $3.6k
Support level to watch: $3.3k
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