Daily Price Action

ETHUSD: Ethereum to $2,500 in April?


Ethereum (ETH) spent most of the last five weeks consolidating.

Although we saw the crypto gain 50% between late February and mid-March, it was part of a larger consolidation pattern.

However, that sideways action broke on Wednesday.

I talked about this at length on Twitter as the market was retesting the $1,870 resistance area.

You can see where $1,870 is a key horizontal level and a trend line that extends from Ethereum’s all-time high near $2,040.

Because it’s a descending level, new support is closer to $1,840 today.

As long as ETHUSDT stays above $1,840 on a daily closing basis, the near-term bullish outlook is intact.

ETHUSDT probably needs to secure a daily close above $2,000 to confirm the next leg higher.

That said, Ethereum’s $1,968 close on Thursday was its highest ever, reaffirming that buyers remain in control.

My short-term target for ETHUSDT is $2,500, followed by $3,000.

Both are in play as long as the market trades above $1,840 on a daily closing basis.

I still expect ETHUSD to exceed $10,000 by the end of this bull market, which should, in my opinion, run for another five or six months.

Disclosure: I have long exposure to ETH.

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ETHUSDT daily time frame

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Justin Bennett says

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Oniyide Martins says

Thanks Justin your analysis is well understood

ali says

thanks for the update justin.

Martin says

Where do you suggest the best place to trade crypto currencies. Perhaps you could do a small article on this .
Thanks for all your help.

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