At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. In our Apr 4 analysis of Ethereum (ETH) we predicted that the price of ETH would trade between the two areas we have defined below. At the time of writing, our prediction has yet to be invalidated. Learn more here or keep reading for our latest analysis of ETH/USD:
On Apr 2, 2019, the price of Ethereum (ETH) made an hourly low of $143.17. A sharp upward move ensued.
Ethereum reached a high of $181 on Apr 4.
It has been gradually decreasing since. However, a slight spike on Apr 5 appears to have prevented Ethereum from falling below $150.
Ethereum (ETH): Trends and Highlights for April 5, 2019
- The price of Ethereum made a rapid upward move on Apr 3.
- ETH/USD is following a descending support line.
- Ethereum is possibly trading inside a descending channel.
- There is resistance near $168 and support near $155 and $144.
Descending Channel
In this section, we define Ethereum’s current trading pattern by analyzing the price of ETH on Bitfinex at one-hour intervals from Apr 2 to Apr 5
On Apr 3, Ethereum reached an hourly low of $164.17 A gradual upward move ensued, followed by a sharp decrease.
The price has made several lower lows. Tracing these lows gives us a descending support line:
On Apr 3, the price made a high of $181.33. A sharp drop followed soon after. The price made one lower high.
Tracing these highs gives us a descending resistance line.
The resistance line has only been touched once, making it is possible that the price will create a different resistance pattern.
However, since the line is drawn parallel to the established support line, we believe it is likely that the price will keep following this line.
The resistance and support lines combine to create a descending channel:
It is likely that the price will keep decreasing at the rate predicted by the channel despite volatility. New highs and lows may be reached. However, this channle suggest that they wiill both grow successively lower over time.
Reversal Areas
Support and resistance areas are created when the price revisits the same level several times. They indicate the levels price might reach in the future based on past patterns.
The first support area is located near $155. The second one is found near $144. Ethereum reached the first area twice on Apr 4. Due to the strong buying power visible in the long lower wick of the first drop, we do not believe that the price will decrease below the first support area.
The closest resistance area is found near $168. The price is currently trading very close to this area. It is possible that Ethereum will reach this level before a drop toward the support area.
Summary of Analysis
Based on this analysis, yesterday’s prediction has yet to be invalidated. Therefore, we believe the price of ETH is likely to trade between two of the areas outlined above, inside the newly created channel. Do you think ETH will keep trading inside the channel? Let us know your thoughts in the comments below.How to Buy Bitcoin with 0 commission
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Top crypto platforms in the US
eToro
Explore
Explore
Explore
Explore
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Top crypto platforms in the US
eToro
Explore
Explore
Explore
Explore
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
Top crypto platforms in the US
Figure Markets
eToro
eToro
eToro
eToro
Plus500
Arkham
Moonacy
Figure Markets
eToro
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
Don’t invest unless you’re prepared to lose all
the money you invest.
This is a high-risk investment and you should not expect to be protected if something goes wrong.
Take 2 mins to learn more
eToro
Plus500
Arkham
Moonacy
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored