Ethereum made corrections this week in parallel with Bitcoin's horizontal movement. Starting at $ 176 a week, ETH ended the week at $ 169, losing 4%. The main reason for this revision is that Ethereum is depreciating against Bitcoin (ETH / BTC parity).
Technical developments of the previous week
Ethereum, the rise of the previous week, continued earlier this week. But L2 ($ 192) When we get close to the level of sales pressure is seen. The price of sales from the bar on Thursday $ 160 level. Finding this level of support, the ETH picked up a little towards the end of the week and closed the week at $ 169. In the RSI chart; the RSI value, which was overdue last week, has moved towards a balanced region this week.
When we look at the plan close to the chart, on Mondays and Wednesdays $ 190 We see that the level works as resistance. Working as support on Wednesday $ 171 level is broken down on thursday and $ 162 level tested as support. $ 162 We see that the level continues to support until the end of the week. Recruitment from Sunday $ 171 resistance, but this resistance unfortunately could not be broken up. When we look at the volume side of the chart, we see that a trend has fallen as we approach the end of the week.
In the ETH / BTC graph, the appearance is unfortunately not very positive. At the beginning of the week 4 (33670Sat) ETH, which started to move up from its level, faced sales pressure and the bar was formed as a long wick on Monday. This sales pressure continues throughout the week and 31900sat level Here Y1 the rising train works as support.
Let's Evaluate Technical Developments
Ethereum lost some value this week following the correction of Bitcoin. This has already happened in line with my expectations in the normal course of the market. So I normally do that. But the weakness of ETH against the BTC continues to make me think. So how does the ETH / BTC graph look?
The Ethereum / Bitcoin chart shows the ETH price Y1 had moved up to the trend. Y1 We are updating and following the trend as a rising trend. The ETH price is in contact with this trend, indicating a critical level. For next week Y1 I think the trend should be followed carefully. The market is also turned upside down D1 I think it will be a movement towards the trend. This will affect ETH / USD parity in a positive way. Between these two trends 4 (33670Sat) Level of resistance, 31900sat level should be followed as support. If the Y1 trend breaks down, the table will become more negative.
Ethereum / Dollar charter L2 ($ 192) testing once is a very positive development. Short-term resistance $ 162 as long as the L2 ($ 192) I think there will be a movement towards the level again. $ 162 is below $ 152 level and T1 the rising trend should be followed as support.
Information, reviews and evaluations included here It is NOT within the Scope of Investment Consultancy. (Date of analysis: 15.04.2019)
Graphics Source: TradingView