Ethereum Technical Analysis Report | 04th-April-2023

Macro headwinds continue to weigh on the crypto market, but the bulls seem adamant to hold $28,000 as support for Bitcoin and this could give altcoins tailwinds. Ether reappeared at the 20-day EMA ($1,753) on April 3rd, suggesting that sentiment is positive and traders are buying on dips. The key level to watch on the upside is $1,857. If the buyers clear this hurdle, the ETH/USDT pair is likely to pick up momentum. The $2,000 level can act as a strong resistance but it is likely to be breached. The global volume has risen by almost 31% while the dominance of ETH is at 18.6%.

At the time of writing, ETH was trading at $1,819.4

Ethereum Chart | 04th April 2023
Ethereum (ETH) Chart

ETH made a ‘Hammer’ candle at the recent low of $1,370 and rallied almost by 35% and made the high of $1,858 within two weeks. Post this move, the asset has been consolidating and is trading in a range from $1,840 to $1,725 with thin volumes. ETH, on a daily time frame, is making a series of small doji candles and spinning top candles indicating indecision in trend. Breakouts on either side of the range with good volumes will further decide the trend for the asset.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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