[Bitop Market Review] Ethereum Price Analysis on April 16, 2024
1. Price Trend:
Ethereum’s price initiated a rebound above the $3,000 resistance level, successfully breaking through the $3,120 mark. However, bearish activity was observed near the $3,280 resistance level. A high point was formed at $3,278, following which the price started a new decline, breaking below the $3,200 support area. Currently, it faces several obstacles around $3,200. If Ethereum’s price remains below $3,200 and $3,280, another downtrend may ensue.
2. Potential Upside Opportunities:
Ethereum’s immediate resistance lies around $3,200. The first major resistance is near $3,250, followed by a key resistance at $3,280. If this resistance is breached, the price could test the $3,350 level. A crucial barrier could be at $3,500, and surpassing it may propel the price towards the $3,620 region. Breaking above the $3,620 resistance level could even lead to an increase towards the $3,750 resistance level.
3. Potential Downside Risks:
If Ethereum fails to break above the $3,200 resistance level, the initial support on the downside is near $3,000. The first major support is around the $2,900 area, followed by a key support level around $2,820. A significant drop below $2,820 may push the price towards $2,650, or even down to the $2,550 level.
4. Technical Indicators:
Hourly MACD — The MACD for ETH/USD is currently gaining momentum in the bearish zone, indicating strengthening selling pressure, which is a potential bearish signal.
Hourly RSI — The RSI for ETH/USD is currently below the 50 level, suggesting relatively strong selling pressure from the sellers.
Resistance levels:
First resistance: 3250
Second resistance: 3280
Support levels:
First support: 2900
Second support: 2820
Trading direction: Short
Entry position: Near 3150
Stop loss: 3210
Take profit: 3020–3000
Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.
