[MARKET ANALYSIS] $ETH Update - April 21
Price: 1623.38 | Change: +3.12%
Timeframe: 1H
ETH broke above the 21, 55, and 200 EMA earlier today with strong bullish momentum, peaking at 1658.00. However, a sharp rejection at resistance triggered heavy selling, leading to a significant pullback.
Currently, the price is testing the 21 EMA (1621), showing signs of weakness:
Bearish Candles: Strong red candles indicate sellers dominating short-term momentum.
MACD Histogram: Momentum fading as histogram bars decline.
RSI (6): Dropped sharply to 38.18, suggesting a shift to bearish territory.
Volume Spike: Volume increased during the dump, confirming sell pressure.
If price fails to reclaim above 1640–1650, we could see a revisit to the 1580 or even 1550 zone in the coming sessions.
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[FUNDAMENTAL VIEW]
Despite Ethereum’s long-term bullish outlook (restaking narrative, Layer 2 growth, ETH ETF anticipation), short-term fundamentals are shaky:
BTC Dominance Surge: Bitcoin’s push to $87K is sucking liquidity from alts.
Macro Uncertainty: DXY strength and rate hike fears are weighing on crypto.
Gas Fees: Still low, which implies decreased on-chain demand/activity.
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[TRADE IDEA] SHORT POSITION STILL OPEN
Entry: 1649.86
Stop: 1658.00
TP: 1600 / 1580
Reason: Momentum reversal + EMA rejection + bearish divergence forming
I’m still holding my short position unless ETH closes back above 1650 with strong volume. Eyes on BTC dominance and ETH BTC pair.
