Ethereum is expanding its services and has crossed the $2000 mark. Experts suggest that it is poised to move further. Ether(ETH) is driving the Ethereum Blockchain Ecosystem.
As per the press release in April 2021, the city of Miami is concentrating on creating a Blockchain-based City Services system on the Ethereum Network. Integration of the Ethereum Blockchain system into the government system will eventually help investors to gain confidence and could boost the transactions.
Technical Analysis of Ethereum(ETH)
The currency rose from $1574 in the last week of March to $2100 in the first week of April 2021. With this meteoric rise, Ether boasts a market capitalization of $230.6 Billion. The currency also gained a base volume transaction of $34,821,462,334 in the last 24 hours.
After hitting an all-time high of $2,152.45 on April 6, 2021, ETH experienced selling pressure. The Longtime HODLers must be booking their profits, which has sent the trend into a descending parallel Channel. But the price seems to be taking support at $1970, with $1930 being the next support level.
An ascending parallel channel pattern appears to be forming on the 30 minutes candle chart. The Exponential moving averages and Moving Averages Convergence and Divergence data show a downtrend. However, the current ETH support level could act as a trend-reversal zone. The 50 Simple Moving Average is in line to offer support. But if bypassed, buyers will be forced to seek support at the 100 SMA and 200 SMA, respectively.
The important resistance points are at $2025, $2070 and $2120. There is an opportunity for a Long trade if the price crosses over the resistance line drawn parallel with the Lower highs. This breakout may result in a price action trade to trigger buy orders. RSI at 50 also indicates Ether price action can take control of the trend.
- Strong support level: $1970, with $1930
- Resistance Level: $2025, $2070 and $2120
- MACD: Bearish
- RSI: 50