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    • Ethereum Continues Sideways Move as Bulls and Bears Remain Undecided

    Ethereum Continues Sideways Move as Bulls and Bears Remain Undecided

    • Posted by DigitalLeonard
    • Categories ETH, ETH/USD, Ethereum, Price Analysis, Trade Ideas, Trading Briefs
    • Date April 17, 2022
    • Comments 0 comment

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    Ether consolidates above the $3,000 support
    Ether continues its sideways move

    Ethereum ETH) Current Statistics
    The current price: $3,046.34
    Market Capitalization: $366,834,169,805
    Trading Volume: $9,706,240,487
    Major supply zones: $4,000, $4,500, $5,000
    Major demand zones: $3,500, $3,000, $2,500

    Ethereum (ETH) Price Analysis April 17, 2022
    Ethereum’s (ETH) price is in a downward correction as bulls and bears remain undecided. Ether’s price breaks below the 21-day line SMA but it is above the 50-day line SMA. Since April 11, ETH’s price has been fluctuating between the moving averages. The 50-day line or 21-day line moving averages are yet to be broken as the cryptocurrency continues its range-bound move. For the past week, the largest cryptocurrency has been consolidating above the $3,000 support or the 50-day line moving average. Ether will resume upward if price rebounds and breaks above the 21-day line SMA. Conversely, if the bears break below the 50-day line, the downtrend will resume.

    Ethereum Continues Sideways Move as Bulls and Bears Remain Undecided
    ETH/USD – Daily Chart

    ETH Technical Indicators Reading
    Ether is at level 45 of the Relative Strength Index for period 14. The largest cryptocurrency is in the downtrend zone and below the centerline 50. The crypto’s price bars are between the moving averages indicating a possible range bound move of the cryptocurrency. For the past week, the crypto has been fluctuating between the moving averages. The altcoin is below the 80% range of the daily stochastic. The market is in a bearish momentum.

    Conclusion
    Ethereum is in a downward move as bulls and bears remain undecided. Ether has fallen to the low of $2,951 and has been consolidating above the current support. Meanwhile, on April 6 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall but reverse at level 1.272 Fibonacci extension or $3,042. 70.

    Ethereum Continues Sideways Move as Bulls and Bears Remain Undecided
    ETH/USD – 4 Hour Chart

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