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November 1, 2020
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Ethereum may return to $ 135 despite “favorable April”

Ethereum is having a very happy April so far

In the past two weeks, Ethereum has risen 20% on the charts, with its valuation jumping from $ 129 to $ 154. After a catastrophic March, the biggest altcoin was showing significant signs of recovery, but a recent analysis indicated that a a small trend reversal could be on the way.

Looking at Ethereum’s 12-hour chart, the recovery period since the March 13 collapse is quite evident. After falling below $ 100 on the 13th, the token periodically breached key resistances at $ 109, $ 123 and $ 135.

Between March 13 and April 6, Ethereum’s price movement paved the way for an upward triangle on the charts. The $ 147 uptrend line was tested on March 20 and April 2. The price continued to rise at that point, and on April 6, a bullish escape allowed Ethereum to successfully break through strong resistance at $ 154.

The token also briefly surpassed $ 168, but a rapid pullback made ETH consolidate between $ 168 and $ 154 last week.

Currently, at $ 156.65, Ethereum’s price has started to take the form of a descending triangle at the moment, which may have bearish implications. Any bearish retreat during the next week could cause Ethereum to fall to retest its $ 135 support.

However, according to the VPVR indicator, support at around $ 135 is significantly strong. PoC was also extended by $ 128, indicating a strong base.

These factors may suggest that Ethereum could necessarily return, sooner or later, to its current levels, if a correction occurs in the coming days.

The 200 moving average continued to act as resistance at $ 170, which is expected to be Ethereum’s long-term goal next month.

Correlation with Bitcoin

Over the past week, an absence of major price movement has also allowed Ethereum to reduce Bitcoin’s dominance in value. It was previously reported that ETH realized that Bitcoin volatility has suffered a massive drop, suggesting that altcoin could be moving away from Bitcoin at the moment.

ETH was strongly correlated to Bitcoin after the March 13 collapse, which devastated the entire community when Ethereum fell by more than 50%.

Source: AMB Crypto

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