FX.co ★ Technical Analysis of ETH/USD for April 18, 2023

Crypto Industry News:

Since Shapell's April 12 hard fork, Ethereum has seen its price rise by nearly 10%, hitting an 11-month high

More than 1 million ETH worth $2.1 billion was withdrawn from the Ethereum Beacon Chain in the first four days of the Shapell hard fork. Ethereum surpassed $2,100 for the first time in 11 months and set a local high of $2,129

According to data from beaconcha.in, 1.03 million ETH withdrawals came from 473,700 withdrawal requests. However, Saturday, April 15, was the biggest withdrawal day at 392,800 ETH.

Of the active validators, almost 87% or 469,000 out of 540,000 are now able to withdraw their Ether staked.

Technical Market Outlook:

The ETH/USD pair has broken above the level of $2,000 with a new yearly high being made at the level of $2,129 and keeps consolidating around this level. The next target for bulls is seen at the level of $2,151. The strong and positive momentum on the H4 time frame chart support the short-term bullish outlook for Ethereum, however, the market conditions are extremely overbought on H4 and Daily time frame charts. The level of $1,858, $1,845 and $1,832 will now act as the support for bulls, so please pay attention to this level during the local pull-back.

Weekly Pivot Points:

WR3 - $2,208

WR2 - $2,153

WR1 - $2,124

Weekly Pivot - $2,098

WS1 - $2,069

WS2 - $2,043

WS3 - $1,988

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.