Technical Analysis for ETHUSD for 26th April 2023
Ethereum Uptrend Remains but Price Must Break Above $1,950
Past Performance of ETH
Ethereum prices, like BTC, are firm at spot rates. Notably, there is a sharp reversion from critical reaction levels, marking resistance levels of March 2023 and September 2022. For now, whether ETH buyers will build on yesterday's gains remains to be seen. However, any attempt to unwind losses will be massively bullish for ETH, that's overly in an uptrend formation.
Ethereum Technical Analysis
ETH remains bullish, up 36% from March lows and 72% from December 2022 lows. Despite the contraction from April peaks, the uptrend remains and will be confirmed if ETH floats above $2.1k in the days ahead. Ideally, a break above the high of the anchor bear bar of April 21 at $1,950 is critical. This will cancel out bears that are currently in control from an effort-versus-result perspective. On the other hand, traders can wait for a deep below$1,800. In that case, ETH may drop to $1,700 in continuation of April 19 and 21 bear bars.
What to Expect from ETH
Technically, ETH buyers have the upper hand. All the same, the coin is trading at below critical reaction levels, especially $2k. The middle BB, or the 20-day moving average, is also an important resistance level. Losses below $1,800 in the near term may trigger more losses in the days ahead.
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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