The upward trend of last week could be continued. On 24 April, the Ethereum price reached its monthly high of 580.90 euros. Although the price dropped to below 500 Euro in between, it was able to rebound on the uptrend and continues this trend. The price is about to form a cup-and-handle formation.
The Ethereum price rose this week
Another rally lifted the price to 580.90 euros. After the price was overbought, it tested the upward trend, could bounce off it and now rises again.
Overall, the assessment is bullish. Most important support and possible stop loss is 542.72 Euro, first resistance is 580.90 Euro.
The crypto spring is also noticeable at Ethereum. The targets stated last week were all reached and even outbid. The rally came to a temporary end at 580.90 euros and an overbought RSI, which led to a test of the upward trend. However, the share price bounced off this test and has been rising since then. Currently, a cup-and-handle pattern seems to be forming to confirm this, but Ethereum still has to rise to 580.90 Euro.
The MACD (second panel from above) is positive and recently rising again. The MACD line (blue) is above the signal (orange). The RSI is at 64 and thus bullish. Overall, the situation is bullish according to the price, trend and indicators.
Support and Resistance
The first support is at 542.72 Euros and is described by the recently breached plateau. Further support is described by the uptrend, which coincides with the exponential moving average EMA50 and yesterday’s correction at 507.07 Euro.
The first resistance is described by the monthly maximum to date and is at 580.90 Euro. Should the price overcome this level, a further resistance would be described by the resistance tested in mid-March at around 600 euros.
Entry Points, Stop Losses and Targets
Currently a long position offers itself, with which as stop Loss the support with 542.72 euro is selected. The first target would be at 580.90 Euro and the second at 599.97 Euro. In principle, one could bet on the Cup-and-Handle pattern after overcoming the first mentioned resistance, but one should strictly look at the RSI – should it be overbought, one would be advised to realize some profits and rather use a consolidation for a re-entry.
If, despite the bullish outlook, the price falls below the stop loss, the support provided by the uptrend can be observed and can be a possible re-entry point.
Disclaimer: The price estimates presented on this page are not recommendations to buy or sell. They are merely an analyst’s assessment.