Baxia Markets
April 20, 2022

ETH gains ground and the uptrend could resume

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The cryptocurrency could bounce from the recent pullback where the price lost more than 18% at some point. The pair is now closer to the 50% Fibonacci retracement level, if there is a completed breakout on this resistance, we would likely be seeing the price climb to the $3,300 levels in the short term. The 50% retracement often indicates a trend reversal when broken, for now, the trend is still downwards.


The Bollinger bands are somehow wide to expect high volatility, the pair traded closer to the lower band, suggesting that the price was relatively low, working as a support level. The price is now 3.5% up from yesterday's opening level. 


ETH April 19th 2022


The relative strength index is at 48% a level that will allow the price to continue moving upwards in the upcoming sessions, the price trades slightly above the long-term moving average, but below the short-term one, as the price gains more ground we could see a cross indicating a trend reversal since the long term MA continues moving upwards. 


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