ETH Price Prediction: Bull Trap Puts Ethereum Price at 7% Downside Risk

ETH Price Prediction: Bull Trap Puts Ethereum Price at 7% Downside Risk

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ETH Price Prediction

Published 12 hours ago

Ethereum Price Prediction: On April 13th, the Ethereum coin price gave a bullish breakout from the crucial psychological resistance of $2000. This breached level was supposed to bolster buyers for further recovery but the broader market sell-off plunged the price back below the $2000 mark again. On April 19th, a massive outflow in ETH price formed a massive daily red candle which may have forced liquidated aggressive buyers with narrow stop loss, fueling more selling pressure in the market.


Key Points: 

  • The ongoing correction phase in Ethereum price may face significant demand pressure at $1780
  • The daily EMAs(50, 100, and 200) may offer dynamic support to resume a bullish recovery
  • The intraday trading volume in Ether is $11.4 Billion, indicating a 2.74% loss.

ETH Price Prediction

ETH Price PredictionSource- Tradingview

Amid the increasing selling pressure in the market, the Ethereum price has witnessed a 9% drop in the last three days and plunged to the current price of $1913. With this downfall, the coin holders lost the 23.6% Fibonacci retracement and a support trendline maintaining sustained recovery in ETH price for the last four weeks. 

Thus, a breakdown below the dynamic support will likely accelerate selling pressure in the market and tumble the Ethereum price more 7-8% down to hit the combined support of $1780 and 50% FIB level.

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This high area of interest may assist buyers in sustaining the higher levels of the chart and resuming the prior recovery. Thus, the $1780 is a key level to watch in the coming weeks.

While overall the price trend remains bullish a breakdown below $1780 will gradually weaken the buyers’ grip over the Ethereum price.

Technical Indicator

Moving Average Convergence Divergence: A sell signal from the bearish crossover between the MACD(blue) and the signal(orange) line hints at prolonged correction in ETH price.

Exponential Moving Average: Along with the ascending support trendline, the Ethereum price breached below the 20-day EMA offering an additional edge in the short-seller’s favor.

Ethereum Coin Price Intraday Levels-

  • Spot rate: $1915
  • Trend: Bearish
  • Volatility: Low
  • Resistance level- $2000 and $2140
  • Support level- $1850 and $1780

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at)

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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