Ethereum analysis for April 8, 2021
Looking at the chart on the four-hour time frame, we see movement within the rising channel, with a pull from high to $ 2145 for Ethereum. Moving averages slowly move to the bearish side, lowering the price down to the current $ 2,000.
Once again, we can expect a retest to the previous higher high at $ 1944. If we see a break below that previously high, our target zone is around $ 1870, with the potential support of the moving averages MA200 and EMA200. Looking at the MACD indicator, we see that the blue MACD line has descended into the red zone supporting the bearish trend teaching.
On the daily time frame, we see that yesterday there was a bigger withdrawal from the previous high to $ 2144 to the three-minute psychological $ 2000. Moving averages are on the bullish side for now, but if we look at the previous month of March, we see that the price has hovered around these three indicators MA20, EMA20, and MA50, within a smaller rising channel.
The MACD indicator nm says that at $ 2145, there was a saturation. The blue MACD line now directs us towards the red zone, and it is evident that we will see a possible continuation of the bearish trend.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.