Ethereum may have seen a small 6.5% price decline over the past seven days. However, the market is still up by a total of 31% over the previous 90 days. The cryptocurrency had broken above a long-term symmetrical triangle at the begging of this month and has managed to remain above the triangle since then.

Ethereum is presently trading at a price of around $168 as the project remains ranked as the second largest crypto by market-cap with a $17.71 billion market cap value.

Looking at the ETH/USD 1-Day Chart:

Since our previous ETH/USD analysis, we can see that the coin had attempted to break above the highlighted resistance at $185, where lies a 1.272 Fibonacci Extension level, but had failed to gain bullish momentum. Ethereum has recently fallen slightly into support at the $165 level.

From above: The nearest level of resistance is located at $170, where lies a bearish .618 Fibonacci Retracement level. Above this, further resistance lies at $185 followed by more resistance at $194, where lies the bearish .786 Fibonacci Retracement level. If the buyers can continue above $200, higher resistance then lies at $208 and $212.

From below: The nearest level of support now lies at $165. Beneath, support lies at $160, $152, the 100-day moving average (around $148) and $135.

The Stochastic RSI is positioning itself for a crossover above, at the oversold area, which could indicate on a correction coming up.

Over the past four days, the trading volume has significantly decreased which could be a sign that a significant move is approaching.

Looking at the ETH/BTC 1-Day Chart:

Against BTC, we can see that ETH had failed to remain within, or break above, the descending triangle. ETH/BTC has once again plummeted below the triangle, which has now been invalidated, as the coin finds support at 0.0325 BTC.

From above: The nearest level of resistance now lies at 0.0340 BTC, along with the 100-day moving average line. Above this, further resistance can be found at 0.035 BTC, 0.036 BTC, and 0.037 BTC.

From below: If the sellers break beneath the support at 0.0325 BTC, further support lies at 0.0315 BTC and 0.030 BTC.

The RSI is presently below the 50 level which indicates that the bears are in control of the market momentum.

The trading volume remains above average but has been decreasing over the past week or so.

The post Ethereum Price Analysis April 15: Strong Move Expected, But In Which Direction? appeared first on CryptoPotato.

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