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Guide & Analysis

Ethereum price analysis – April 22

Ethereum reached a new historical record this morning

Ethereum’s price reached a new historical record on April 22, at $ 2,617. This occurred at a time when the Bitcoin market was recovering from the fall on Sunday. The price of ETH rose and went through various resistance levels and was trading at $ 2,582.

Four-hour Ethereum chart

Source: ETHUSD no TradingView

The ETH chart indicated that the price was moving below the support line at $ 2,229, until a high pushed the price up. Buyers flooded the market and charged the price above $ 2,403, reaching a new historical record.

Given the high volatility of the market, the price may change as the asset becomes overbought.

Reasoning

The Bollinger Bands indicated that the market was open to high volatility. This means that, although the price has gone up, volatility can also cause a big correction. Meanwhile, the signal line was under the candlesticks, indicating that the price was in an uptrend.

The RSI confirmed that the buyers were in the market. The digital asset was being pushed closer to the overbought zone. The price may plummet as the asset is bought in excess and the high momentum can cause the price to fall further.

Conclusion

The current Ethereum chart [ETH] was indicating that the price was at an all-time high. However, the rising price may fall to the downside as the digital asset is bought in excess and tests support for $ 2,403. Momentum could fuel the price drop and traders may want to take the opportunity to benefit from an upcoming correction.

Source: AMBCrypto

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