[Bitop Market Review] Ethereum Price Analysis on April 23, 2024
1. Price Trend:
The Ethereum price has started a wave of recovery, breaking through the $3,000 resistance level and climbing above $3,050 and $3,120 resistance levels. It even extended gains above the $3,150 resistance level, entering a bullish territory. The new weekly high was formed at $3,234, and the price is consolidating gains, slightly dipping below $3,200. Currently, the trading price is above $3,150 and the 100-hour simple moving average. Unless Ethereum falls below the $3,030 region, the price is likely to continue rising.
2. Potential Upside Opportunities:
The immediate resistance for Ethereum is around $3,210. The first major resistance is near $3,235. The next key resistance level is at $3,280, and a breakout above this resistance could push the price towards $3,350. Breaking the $3,350 resistance may propel the price towards the $3,500 resistance level. If the $3,500 resistance is breached, it may test the $3,550 resistance, or even push the price higher towards $3,720.
3. Potential Downside Risks:
If Ethereum fails to break the $3,235 resistance, the initial support on the downside is near $3,175. The first major support is around the $3,160 region, with significant support at $3,150 and the 100-hour simple moving average. A clear break below the $3,150 support level could push the price lower towards $3,030, or even lead to a short-term decline to $2,850.
4. Technical Indicators:
Hourly MACD — The MACD for ETH/USD is losing momentum in the bullish zone, indicating a weakening buying pressure, which could be a potential bearish signal.
Hourly RSI — The RSI for ETH/USD is currently below the 50 level, suggesting a relatively strong selling pressure.
Resistance levels:
First resistance: 3235
Second resistance: 3280
Support levels:
First support: 3175
Second support: 3160
Trading direction: Short
Entry position: 3250–3260
Stop loss: 3300
Take profit: 3160–3150
Trading direction: Long
Entry position: 3140–3120
Stop loss: 3100
Take profit: 3200–3220
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.
