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Ethereum Price Prediction: ETH/USD Breaks Above the Moving Averages; Price Aims At $2400

Published on

April 21, 2021

ETH Price Prediction – April 20

ETH/USD started today on a negative note but a sustainable move above $2300 will improve the technical picture.

ETH/USD Market

Key Levels:
Resistance levels: $2600, $2700, $2800
Support levels: $1800, $1700, $1600

ETH/USD has tested $2054 during the early hours of today after which the price went down and touched the daily low but later managed to recover above $2300 at the time of writing. The Ethereum (ETH) with the current market value of $2310.87 has stayed unchanged on a day-to-day basis and now gaining nearly 6.8% as the coin rebounds amid the recovery across the cryptocurrency markets.

Where is Litecoin Price Going Next?

According to the daily chart, ETH/USD is seen rising further higher until it finds resistance at the expected level of $2400. Meanwhile, traders can see that ETH/USD even spiked higher into the resistance level at $2342.22. Therefore, if the buyers continue to push the market higher, the immediate resistance above the $2500 level could be located. Above this level, further resistance levels lie at $2600, $2700, and $2800.

On the other hand, if the bears step back into the market, it may likely bring down the price below the channel and the bears can expect immediate support to be located at $2000 which is below the moving averages. However, should in case the market price slumps below the $1900 support, further support may be found at $1800, $1700, and $1600 levels.

Meanwhile, the technical indicator RSI (14) is making an attempt to cross above the 60-level, if successful, bulls may retain the market movement and keeps the Ethereum (ETH) at the higher level.

When compares with Bitcoin, Ethereum continues to trade above the 9-day and 21-day moving averages within the ascending channel as the price is now hovering at 4130 SAT. Similarly, the technical indicator RSI (14) is keeping hope alive as the signal moves into the overbought zone. Although the bulls remain the dominant of the market, the pair seems to break the upper boundary of the channel.

On the upside, if the buyers keep pushing higher, the resistance levels to be reached are 4300 SAT and 4400 SAT. In other words, a lower sustainable move may likely cancel the bullish pattern and this could attract new sellers to the market with the next focus on 3600 SAT and 3500 SAT support levels.

Lydian
Last Updated : April 21, 2021

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