Ethereum Analysis – A trend still under pressure

While it appears to be heading straight for further consolidation under big support, Ethereum is experiencing an unexpected resurgence. At the same time, Bitcoin also surged above $41,000. And as elements of the Fed’s monetary tightening are partially priced in by financial markets, it appears that the negative pressure is starting to ease. Especially considering the current rally across all risky asset classes despite fundamental divergences.

This analysis is offered to you in collaboration with Le Trading du Coin and their algorithmic trading solution.

The latest technical analysis shows that Ethereum’s failure below the $3400 resistance would not be without consequences. ‘Cause taking a step back in the last two or three weeks, The ETH price trend remains stuck in an indecision zone. And if this continues, the hopes of cryptocurrency investors may be forgotten during this year.

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Ethereum – A gradually emerging downtrend line

If Ethereum managed to salvage the essentials by not breaking the $2,800 support, it remains within its horizontal channel (orange rectangle). And looking closer at yours reassembled engaged since mid-March and its recent fall, the failure below the $3400 resistance gives rise to a downtrend (or descending) line at the moment since its last ATH of November 2021.

Ethereum weekly price analysis - April 21, 2022

The fact that this unfavorable technical signal occurred in weekly units should not be taken lightly. But on the other hand, this week’s rally offers a breath of fresh air to technical indicators. On the one hand, the MACD continues its advance towards the zero line despite the latest headwinds. And on the other hand, the RSI would be just a few tenths from the neutral zone at 50.

But for the downline to weigh on buyers, ETH prices would need to make lower and lower lows. And in this regard, the breakout of the $2,300-2,400 support (lower boundary of the horizontal channel) would become the main sine qua non. But, fortunately, we are far from that.

Ethereum – A Retry for $3400?

Although the week started badly, with Ethereum below $2,900 in the early hours of Monday, is currently moving up the slope above the 3,000 symbolic bar$. All this accompanied by technical indicators about to turn favorably in daily units. And more particularly a MACD that recrosses the signal higher again, not far from the zero line.

Daily Ethereum Price Analysis - April 21, 2022

Thus, there may be scope for consider a continuation of the ETH rally towards the $3400 resistance. A level itself located near the downline. And a move that may well coincide with the one also triggered by Bitcoin. In view of an attempt to cross the upper boundary of its horizontal channel, represented by the $46,000 resistance.

Contrary to the scenario mentioned in the weekly units, the eventual breakout of $3400 could temporarily end the bearish momentum in ETH prices. The latter has been started since its last ATH in November 2021. A scenario that looks like good news but where the $4,000 resistance could quickly find itself. A serious hurdle before you can consider a new bull run more seriously. But also the start of a possible altseason that is still very hypothetical.

Bitcoin – The main cryptocurrency market

Many investors believe that Ethereum will one day supplant Bitcoin. However, until proven otherwise, we have to admit that Satoshi Nakomoto’s digital currency dominates hands. And not only the movements since their last respective ATHs testify to this, but ETH prices violently resist bearish amid a complicated market contextas currently happens.

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And even though the $3,400 resistance is once again on the minds of crypto investors, two essential points should not be overlooked. First, Ethereum prices are struggling to move away from the $2,800 support. Second, the failure below the $3,400 resistance allowed it to draw a downline from its last all-time high around $4,900.

In the end of the day, current ETH price trend remains uncertain. A situation that should not change as long as no favorable signals come from Bitcoin. And as the latter is dragging its way into its $34,000-$35,000-$46,000 range, Cryptocurrency investment streams may not flow. In any case, if we refer to the latest numbers from CoinShares.


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