In this week the Ethereum course could rise around 8 %. The resistance described by the EMA50 could be finally broken again since one month. This breakthrough as well as a bounce at an important long-term support lead to a benevolent assessment of the price movements after the downward channel.
The Ethereum price has risen slightly this week
Since April 6th, the price has been in a tentative uptrend, which has meanwhile raised it above the exponential moving average EMA50 and led to a test of the EMA100. Overall, the price is bullish. Currently the price fights against a slight resistance at 339.56 Euro. The support is described by the EMA50 and is at 325.33 euros. That knows to please nevertheless a little: After Ethereum had fallen almost constantly in a downward channel for several weeks, the price was able to catch up again and is currently trying to defy the bear market.
The price has risen slightly in the last week and was thus able to overcome the downward channel that had existed for a month. In this rise, the exponential moving average was surmounted – for the first time in a month. The price is currently testing the resistance described by the maxima of April 3 and 9.
The MACD (second panel from above) is positive and rising. The MACD line (blue) is above the signal (orange). The RSI is at 62 and therefore bullish. Overall, the situation is bullish according to the price, trend and indicators.
The long-term perspective
Even in the longer term, there is a small reason for hope: One can see that the price was tested on the long-term support, which is described by the minima of mid-May, July and September last year, but the price is currently bouncing off it. A negative but rising MACD and a RSI rising out of oversold support the bullish view above.
Support and Resistance
The first support level is 325.33 Euro and is described by the exponential moving average EMA50. Another important support level is defined by the weekly minimum of 297.04 Euro.
The first resistance level is defined by the current plateau and is 339.56 Euro. Should the price overcome this level, further resistances would be described by the EMA100 at 346.99 Euro and by the 38.2% Fib Retracement-Level regarding the development between 21 and 30 March at 365.20 Euro.
Entry points, stop losses and targets
One approach would be to enter a long position with a stop loss at the first support and a target at the 38.2% fib retracement level. Cautious investors can wait to see whether the first resistance at 339.56 euros will be overcome.
If the price rebounds at this level, it must be tracked again whether the price can be caught at one of the two support levels. These would then be possible good entry points.