Ethereum price analysis for April 23rd – Still soaring!

Ethereum price continued rising all through the previous 48 hours exceeding $630 on the time of writing of this analysis. On Monday’s buying and selling periods, the price of ether rose from a day low of round $600 to a day excessive of $650, which denotes that the market has been transferring by recording greater highs all through a lot of the four hour buying and selling periods. The market remains to be transferring based on the uptrend line that has been evident throughout the 1 day charts since April seventh.

Will ethereum price proceed on rising in the course of the subsequent 24-48 hours?

Ethereum virtually oversold on the 1 hour ETHUSD chart:

Let’s study the 1 hour ETHUSD chart from Bitfinex, whereas plotting the 50 interval SMA, the Stochastic oscillator, and the Ichimoku Cloud, as proven on the under chart. We are going to preserve our Fibonacci retracements  we plotted final week that stretch between the low recorded on October 23rd, 2017 ($273.50), and the excessive recorded on January 13th, 2018 ($1,424.06). We are able to be aware the next:

  •  Ethereum price dipped briefly under Ichimoku Cloud’s Base Line (purple line) yesterday (Sunday), but the cloud’s Main Span A line (inexperienced line) supported the market close to the $600 price degree, which prevented additional price drop. As quickly as candlesticks rose once more above the Base Line, ethereum price started hovering once more. Throughout all of Monday’s buying and selling periods, candlesticks didn’t fall under the extent of the cloud’s Base Line.

 

  • The Main Span A line of the cloud is roughly close to the $635 price degree now, so we will count on that ethereum price will likely stay above this price degree in the course of the upcoming 24 hours.

 

  • Ethereum price remains to be above the extent of the 50 interval SMA, and has been so since April 17th. So long as we’re above this vital smoothed transferring common, the bullish momentum will proceed on pushing ethereum price to greater ranges.

 

  • The worth of the stochastic oscillator is at present round 24, which is just four factors away from the oversold degree of 20. As such, we’re more than likely to see ethereum price proceed on rising the place the market could be extra steady.

Rising above the 100 interval SMA on the 1 day ETHUSD chart:

Let’s study the 1 day ETHUSD chart from Bitfinex, whereas plotting the 100 interval SMA (inexperienced curve), the 200 interval SMA (purple curve), and the Williams Alligator indicator, as proven on the under chart. We may also preserve the identical Fibonacci retracements we plotted above. We are able to be aware the next:

  • Ethereum price rose above the 200 interval SMA on April 12th, and it rose above the 100 interval SMA on April 20th. The rise above these two smoothed transferring averages displays the present bullish sentiment of the market. The 100 interval SMA is now appearing as a help degree as proven by the comparatively lengthy downwards shadows of candlesticks close to the extent of this transferring common.

 

  • Williams Alligator’s SMAs are exhibiting a bullish alignment, and we will say that the alligator’s mouth is at present “open and consuming”. As such, we will count on ethereum price to proceed on rising in the direction of the resistance round $713.24, which corresponds to the 61.eight% Fibonacci retracement, in the course of the subsequent 1-Three days.

Conclusion:

Ethereum price continued on rising to file a day excessive of $650 in the course of the previous 24 hours. We are able to count on ethereum price to soar in the direction of $700 in the course of the subsequent 1-Three days, as per our technical analysis.

Charts from Bitfinex, hosted on Tradingview.com

About Tom Greenly

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