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Ethereum analysis for April 15, 2021

Looking at Ethereum on a four-hour time frame, we see that Ethereum has reached a new historic high at $ 2485. After that, we see consolidation below and the potential for a possible pullback in the last couple of hours. We are looking for the first support if there is a pullback at the consolidation point at $ 2300, where we are also testing the channel’s upper line, and we expect a retest and continuation of the bullish trend.

The break of that line brings us to moving averages and directs us to the $ 2100-2130 zone, the place of the previous break to higher levels. The MACD indicator shows us that saturation has occurred, and we see that the blue MACD line is making a slight downward turn calibrating us to the possible start of the bearish trend.

ethereum

For the first time, the chief American asset manager Grayscale exceeded $ 50 billion in cryptocurrency assets under management. Graumcale’s AUM is getting closer to the $ 57 billion funds of the largest commodity ETF. Although gatherings of this size often show massive foreign currency deposits from investors willing to reserve a profit, Ethereum investors look clumsy. In fact, 15,000 new daily active addresses have joined the ETH network since February 10, while the number of foreign currency deposits has fallen by almost 12,000 at the same time.

Such a divergence is a clear indication that the price of Ethereum is bullish and will continue to rise. The money wind at Ethereum’s price is represented by wallets holding between 100,000 and 1,000,000 ETH tokens. As of April 5, the balance of these addresses increased by 9.4%, from 21.8% to 23.9%. The move suggests that the whales are accumulating at current price levels and are optimistic about the pioneering altcoin’s performance in the near future. All in all, the price of Ethereum shows a bullish bias and is ready to move. However, if investors start making a profit too soon, Ethereum could hamper the rise.

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