Ethereum Price Analysis: April 7

Ethereum (ETH) Price Continues Bearish Momentum Amid Sluggish Market
  • On April 7, bullish ETH price analysis is at $3510.
  • ETH’s bearish market price analysis for April 7, 2022 is $3180.
  • Ethereum’s MA shows the downward trend.

In Ethereum (ETH) price analysis on April 7, 2021, we use price patterns, and Moving Average about ETH to analyze the future movement of the cryptocurrency. 

Ethereum (ETH)

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts. The self-determined goal of Ethereum is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime, and fraud. 

Moreover, Ethereum has pioneered the concept of a blockchain smart contract platform. Moreover, smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet.

Ethereum (ETH) Price Analysis

ETH price analysis on April 7, 2022 is explained below with a hourly time frame.

ETH/USDT Descending Channel Pattern (Source: Tradingview)

A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling channel or channel down. The upper line is identified first, as running along with the highs and is called the trendline. 

The lower line is identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by trendline support the series of lower lows and a diagonal resistance level connecting the lower highs.

Currently, the price of ETH is $3217.18. If the pattern continues, the price of ETH might reach the resistance level of $3400, $3510 and buy level of ETH is $3220. If the trend reverses, then the price of ETH may fall to $3180.

Ethereum (ETH) Moving Average

The ETH’s Moving Average (MA) is shown in the chart below. 

ETH MA (Source: Tradingview)

Currently, ETH is in a bearish state. Notably, the ETH price lies below 50 MA (short-term) and 200 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of ETH at any time.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.