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Technical Analysis for ETHUSD for 10th April 2023

Ethereum Firm, ETH Buyers Angling for $2,000



Past Performance of ETH

Ethereum buyers are confident, reading from the performance in the daily chart. There are encouraging higher highs as ETH claws higher, presently trading at the Q3 2022 trade range. Even though there was a cool-off, ETH will likely bounce higher ahead of the Shanghai upgrade.


Ethereum Technical Analysis

The path of least resistance is northwards. Notice that prices are above February 2023 highs of $1,750, and the retest in March didn't force prices lower. The rebound in late March propelled prices to spot rates, a huge positive for optimistic buyers. Per the current ETH candlestick arrangement, every low above April 4 bull bar at $1,800 may offer entries with targets at $1,950 and later $2,000. This preview will only change should there be a sharp dump, with rising volumes, below the middle BB and $1,800 in the next few days.


What to Expect from ETH

As it is, traders are confident of what lies ahead. The psychological reaction point at $2,000 remains unchallenged, but that could change if the upcoming fundamental event draws buyers.


Resistance level to watch: $1,950

Support level to watch: $1,800


Disclaimer: Opinions expressed are not investment advice. Do your research.

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