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Ethereum price analysis for April 21st – Rising towards $700

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Ethereum cost continued increasing throughout Friday ’ s trading sessions to score a high of $618 After the day ’ s high was taped, a downwards cost correction effort pulled Ethereum price down to a day low $576 The marketplace is still moving along the upwards pattern line that has actually appeared given that April 10 th on the 4 hour ETHUSD chart. Given that the 76.4% Fibonacci retracement ($54517) has actually been effectively breached, the next strong resistance level lies around $71324, which represents the 61.8% Fibonacci retracement.

Will the marketplace ’ s bulls still have the upper hand over the marketplace throughout the next 24 hours?

Williams Alligator ’ s mouth “ open and eating ” on the 1 day ETHUSD chart:

Let ’ s analyze the 1 day ETHUSD chart from Bitfinex, while outlining the Williams Alligator ’ s SMAs, and the MACD indication, as revealed on the listed below chart. We will likewise keep the Fibonacci retracements we outlined previously today that period from the low taped on October 23 rd, 2017 ($27350), and the high taped on January 13 th, 2018 ($ 1,42406). We can keep in mind the following:

  • Ethereum cost is still moving along the upwards pattern line that has actually appeared on the 1 day chart given that April 7th. Keep in mind that throughout the previous 2 weeks, greater highs have actually been taped throughout the majority of the days.

 

  • A normal “ 3 white soldiers ” candlestick pattern has actually been formed by the last 3 candlesticks. The 3 candlesticks have no downwards shadows. The pattern is suggestive of enhancing of the bullish wave, specifically that it is continued by a brief bodied bearish candlestick (nearly a doji). It represents a great chance to go into long, as most likely Ethereum cost will tape a high greater than that of Friday today.

 

  • The Williams Alligator ’ s SMAs have actually finished a bullish positioning, so we can state that the alligator ’ s mouth is now “ open and began consuming ”. The red SMA (jaw) is now in between the green SMA (lips) from above and the blue SMA (jaw) from below.

 

  • The MACD indication is bullish. It has actually simply gone into the favorable area. It is sloping in an upwards instructions. The blue MACD line has actually crossed above the red signal line.

 

  • Opportunities are high that Ethereum cost will advance increasing to the next resistance level around $71324, which represents the 61.8% Fibonacci retracement, throughout the next 24-72 hours.

Now, let ’ s analyze the 1 hour ETHUSD chart from Bitfinex. We will outline the Ichimoku Cloud, the 200 duration SMA, and the Product Channel Index (CCI) oscillator, as revealed on the listed below chart.We can keep in mind the following:

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  • Ethereum cost is moving along an upwards pattern that is likewise obvious on the 1 hour chart. Candlesticks are method above the 200 duration SMA, which shows the strength of the existing bullish wave.

 

  • The Leading Period A (green line) of Ichimoku Cloud is serving as an assistance level that avoided additional cost drop. As Ichimoku Cloud is moved 26 durations in the future, we can anticipate the $600 level to serve as an assistance level throughout the next 26 hours.

 

  • The CCI is a flexible momentum oscillators that is mainly used to identify pattern turnarounds and overbought/oversold conditions. The CCI is much better analyzed in combination with the 200 duration SMA. As Ethereum cost is presently above the 200 duration SMA, and the CCI is above the -200 level, this reveals that the uptrend is still active as Ethereum is skyrocketing from oversold levels.

Conclusion:

Ethereum cost is increasing taping a day high of $618 throughout Friday ’ s trading sessions. According to our technical analysis, the bullish wave is more than likely to continue pressing Ethereum cost to greater levels to try checking the resistance around $71324 throughout the next 24-72 hours.

Charts from Bitfinex, hosted on Tradingview.com

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