19 Apr Ethereum Price Analysis: ETH Reclaims $3000, But Here is The Next Crucial Resistance Level
Ethereum started the week on the green side. After the bears pushed the price down to $2880 yesterday, the bulls entered the market and were able to close the daily candle in green, with a nice wick to the downside (bullish structure). It remains to be seen whether the bulls can take control of the market.
Technical analysis by Grizzly
The Daily Chart
ETH is trading within an ascending channel (marked yellow). The top of this channel is around $3800, and the bottom lies at around $2800.
But for now, the leading price challenge is to break above the channel’s midline and horizontal resistance at $3200 (marked red).
If the bulls can break above this range, then the channel’s top can be expected to get retested. On the other hand, if the price gets rejected, we will likely see another attempt towards $2800 before a retest of the channel’s bottom. As long as ETH trades inside this channel, the trend can be considered bullish.
The 4-Hour Chart
On the 4-hour timeframe, ETH dropped to the Fibonacci Retracement level of 0.618, the most critical Fib level.
ETH failed in its first attempt to cross the resistance at $3200, and the bulls prepared for another retest. If ETH manages to break this level, then the second resistance is around $3300, and crossing it confirms the reversal of the downtrend.
Short-term support levels: $2880 and $2760
On-chain: Daily On-chain Tx Volume in Profit to Loss Ratio
This metric shows the ratio between transaction volume in profit and transaction volume in the loss. A high value indicates that more participants are moving/spending their coins in profit, or probably they will realize a profit, which could make sell pressure.
At the moment, this metric has reached its highest level at the local top. When it comes to its lowest level, it can be expected that a local bottom has formed. It shows that market participants are less willing to realize profits or even interpreted as the amount of realized loss gradually increased.
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