Ethereum remains in a strong bearish position as the $160 price support continues being tested.

Ethereum (ETH) Price Analysis – April 11

Highlights:

While ETHUSD follows a bullish scenario after last week surge, ETHBTC trend is yet to signal a reversal as the sentiment surrounding this market remains in a strong bearish condition.  However, Ethereum markets move in the opposite direction.

ETH-USD Market

Key Levels:

Resistance levels: $185, $200, $220
Support levels: $160, $150, $140

Since last week surge, Ethereum has been trending higher with a bullish wedge pattern. As soon as trading reaches a tight angle of the trend lines yesterday; the token saw a break-down and slowly move toward previous support at $160. At this support, a further drop could slip price to the last week break area at $150 and perhaps $140 support.

Before the surge, ETH had been trading side-way and below $150 for the past one month with a subdued market. The last 24-hours bearish surge has positioned the medium-term RSI below 50 level; revealing a significant break low on the indicator since March 27 break high.

However, a close target for the bulls lies at $185 resistance level. But as suggested on the RSI, a divergence move is in play for Ethereum market.

ETH-BTC Market

Looking at the 4-hours chart, ETHBTC followed a strong decline since February as the descending trend line (yellow) acts as a solid resistance level for the bears. An attempt from the bull sides is yet to surpass the level after been rejected four times. A sell-off is now nearing 0.032 BTC support. A possible bounce up is likely after testing the mentioned support.

Reaching the 70 line, the 4-hours RSI was rejected to a downward position near the 30 line. Breaking 0.032 BTC support may further drop to the extremely oversold zone.

In case, the bulls managed to successfully surpass 0.0345 BTC resistance level; Ethereum may set a new high above the yellow line. A quick resistance to watch out for is 0.036 BTC level and above.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.