ETHUSD Dominant Trend: Bullish
Supply Levels: $315, $320, $325
Demand Levels: $265, $260, $255
Ethereum followed in Bitcoin’s footsteps during the wave of the weekend. Bitcoin reorganized the recovery on Thursday, exceeding $9,500 which encouraged the bulls to increase their entries by sending Bitcoin above $10,000 for the first time this year. The Bitcoin recovery shakes the Ethereum bulls, which have shot up again and pushed the price above the recent hurdle to $300. Prolonged profits above $300 came to about $303 but hit a weekly high of $304. The inability to spread further north is a dual pattern whose reaction could lead to a reversal below $280 and even test the key demand at levels of $265, $260 and $255. In the formation of this model, a model of heads and shoulders is formed. It is likely that this continuation pattern will push Ethereum closer to $305. If the price is rejected near the $303 level, there could be a significant downtrend. If not, the bulls are likely to push the price toward the offer at $315, $320 or $325 trading well above the 50-day moving average.
However, if you look at the 4-hour chart, the ETH/USD is currently trading at $303.30, an increase of more than 15% since the close of last week and less than $2 away from $305. On the contrary, this is a progress in the resistance of buyers, despite the difficulties. With the help of previous ETH/USD trade plans, aggressive traders can buy the downside while looking at $305. Meanwhile, conservative traders cannot be sure of better prices unless there is a convincing and high volume, close to the psychological $315. Such a move will reassure buyers of early May and prepare for a potential increase of $325 or more. Technically, the Ethereum bulls always control the price action, especially with the Relative Strength Index (RSI) moving sideways in the overbought zone, while the Moving Average Convergence Divergence (MACD) increases to show that any supply is on the rise in the next sessions on Saturday.