Ethereum (ETH) Price Trading Analysis April 29; Up Over 50% In The Last 30 Days
Exactly a month ago to the day, Ethereum (ETH) was seemingly languishing in the shadows of not only Bitcoin (BTC) but lesser lights such as Cardano (ADA) and Binance coin (BNB), which were being touted as legitimate contenders to the throne of the leading altcoin as Ethereum grappled with inefficiencies on both network and development fronts. BTC 0.44% Bitcoin / USD BTCUSD $ 21,456.07
$94.410.44% Volume 18.38 b Change $94.41 Open $21,456.07 Circulating 19.08 m Market Cap 409.32 b 5 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ADA -1.26% Cardano / USD ADAUSD $ 0.50
-$0.01-1.26% Volume 652.31 m Change -$0.01 Open $0.50 Circulating 33.74 b Market Cap 16.79 b 5 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report BNB -1.13% BNB / USD BNBUSD $ 239.35
-$2.70-1.13% Volume 917.13 m Change -$2.70 Open $239.35 Circulating 163.28 m Market Cap 39.08 b 6 mon SEC Rejects Another Spot Bitcoin ETF, Binance Announces New System to Remove BNB from Circulation 6 mon BitMEX Launches BMEX Token for Active Users, US Not Eligible for Airdrop 6 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions
What a difference a month makes? After retaining the critically important support level of 0.03 BTC in March, ETHBTC has risen 57% for the month of April.
Spurred on by Ethereum core developers defusing a miner revolt against EIP-1559 by acceding to a counter-proposal, EIP-3368, which would increase block reward to 3 ETH per block pro tem, until the network fully transitions to proof-of-stake, and other optimistic layer 2 protocol developments (pun intended), April could now represent the 2nd largest monthly gain for Ethereum against Bitcoin, next only to January 2018. So how high can ETHBTC go? Are we on the brink of a full-blown alt season?
It cannot be overstated just how important it was for ETHBTC to hold on to 0.03 BTC. While testing the support level three times in March, the pair established a falling wedge pattern (charted below) and successfully secured a breakout in the first week of April.
Since then, we’ve seen 2 vertical rallies and consequent consolidations, with the third currently in progress. For the first time, there’s a hint of bearish On-balance volume (OBV) divergence as ETHBTC approaches the Fibonacci extension level of 0.0539. Parabolic moves typically consist of 3 legs up before they break down. Whether ETHBTC can further sustain this momentum depends on being able to overcome the 1.618 Fibonacci extension.
The weekly chart below also points to a knick point for ETHBTC. Besides successive weekly RSI divergences, it highlights the historical significance as a potential support to resistance flip of 0.054. Note that the most recent candle represents the current weekly session which is more than 3 days from closing. Divergence is charted for the last closed session.
- Key support levels – 0.05 BTC, 0.048 BTC
- Key resistance levels – 0.054 BTC, 0.068 BTC
- Market outlook – Cautiously bullish