Ethereum is a blockchain network that facilitates decentralized app development and supports smart contracts. This network is powered by its native token Ether (ETH). As per market capitalization and active trade volumes, Ethereum is the second-largest digital currency after Bitcoin. ETH technical analysis is as follows:
On April 15, 2021, the opening price of ETH was $2436.03. As of April 21, 2021, ETH closed at $2357.06. Thus, in the past week, the price has dropped by approximately 3%. In the last 24 hours, ETH has traded between $2313.46-$2453.28.
Day-Ahead and Tomorrow
Currently, ETH is trading at $2408.26. The price has increased from the day’s opening price of $2357.06. Thus, the market seems to be uptick.
The MACD and signal lines are positive. A bullish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bullish. Hence, the price is poised to rise further.
Currently, the RSI indicator is at 60%. It faced rejection at 54% and started rallying again. Thus, buying pressures are higher than selling pressures. High demand for ETH will push its price upwards. Like the MACD indicator, the RSI indicator is showing a bullish price trend.
The A/D indicator has started rising gradually again. Thus, whale accumulations are slowly surpassing the whale distributions. Hence, the price will continue to rise.
In short, all the oscillators are showing positive signals and hence we can expect the ETH price to rally.
ETH Technical Analysis
As per technical analysis, currently, the price is above the first Fibonacci pivot resistance level of $2428.01. As the bullish trend seems strong, we can expect the price to break out of the subsequent resistance levels of $2461 and $2514.42, respectively, in a few hours.
The price has tested and surpassed the 23.6% FIB retracement level of $2420.28. Hence, the price uptrend is strong and is expected to continue today and tomorrow.