Is the price of Ethereum still attempting to retest? $4,000

Conclusion

  • ETH price is stuck between the 200-day SMA at $3,491 and a high volume node at $3,136. This is where the price is now.
  • A rise above $2,820 to $2,966 is likely to cause a 25% rise to $3,701.
  • This means that if a daily candlestick goes below the $2,820 support level, it will make a lower low and invalidate the bullish case.

The price of Ethereum has been going up a lot since March 14, but it's been stuck in a range for the last two weeks. Before ETH moves to important levels, it looks like it's going to go back down again for a while.

Ethereum needs to fight for the bulls.

On April 3, the price of Ethereum rose above the 200-day Simple Moving Average (SMA) at $3,490. This was a short-lived rise, though. So, ETH fell 11% as it fell toward the immediate support level, which is where a lot of people buy and sell ETH, at $3,136.

It is important for ETH to retest this barrier in order to start a run-up. In some cases, there could be even more retracement to hit the daily demand zone, which runs from $2,820 to $2,966. Such a move will let buyers get ETH at a discount, which will start a new rise in the price.

Low-volume node: In this case, $3,703 is the next place to look for it. This would be a 25% rise, which would be hard because the 200-day Simple Moving Average is at $3,491. People who invest in the stock market should expect a wick to the $4,000 level.

eth
ETH daily chart

If the price of Ethereum breaks below the $2,820 support level on a daily time frame, the bullish outlook will be called into question. Such a development could cause the smart contract token to fall to $2,000 before the direction of the price is changed.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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