In this Ethereum price forecast, the ETH/USD pair is facing resistance at the $180 price level. However, if the bulls are able to break the said price level, the price will climb to the previous high of $200.
Ethereum (ETH) price traded around $143 level last week. Since February 24, ETH price had been trading in a range between $140 and $145 levels. However, ETH had a price breakout and soared above the previous high of $165.
The price of Ethereum made a downward correction to a low of $158 and then commenced another bullish momentum. At the time of writing, the ETH price is trading at $178.70 which is above the Exponential Moving Averages (EMAs), indicating that the price is in a bullish trend zone.
What is more, the crypto’s price is expected to climb to a high of $200 but will likely meet some resistance at the price level of $ 180. In the meantime, the Stochastic band is in the overbought region while above the 60% range., which indicates that the price will rise and a buy signal.
Looking at the 4-hour chart, ETH/USD is in a bullish trend zone. Earlier, ETH bulls tested the price levels of $177 but were, however, resisted. For the second time, the price retraced and retested the resistance level but again met some resistance, making the price to drop to the support of the 26-day EMA.
Today, April 8, the ETH/USD pair traded at the $185 price level but it is currently facing resistance at the $180 price level. Hence, if the bulls are able to break the price level of $180, Ethereum will reach the previous high of $200. In the meantime, the Stochastic indicator is at the overbought region while below the 80% range, thus indicating that ETH/USD price is in a bearish trend and a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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