The $620 target of April 11th trade recommendation for the value of Ethereum was achieved on the 21st of April. It was expected that the digital currency would trade within that range in order to fix its technical damage. Nevertheless, the ability of the digital currency to remain above the $600 mark shows that the cryptocurrency is strong. In fact, the value of Ethereum even went beyond expectation last month, as it got to as high as $711 on the 24th of April. This value greatly exceeded the expected value of Ethereum for last month.
The Decline of the Value of Ethereum
At this price level of the digital currency, the pair dramatically declined and dropped in value. The value of Ethereum drastically went down to $595 on the 25th of April, just a couple of hours after it got to its all-time high of the month.
However, the storm was weathered by bulls as they kept the market value above the $600 mark irrespective of the heavy trading volume. This helped to pull the market out of the overbought territory that it was in, but it seems there are some trading going on the horizon. This could be the best time to invest in Ethereum as the market repairs itself.
Technical Analysis of Ethereum’s Price
According to technical analysis, the value of Ethereum against the US dollar has moved up the range, and the new support is now at $620. Provided the market remains above the $600 mark, the digital currency has the driving force it needs to get to the top of the new range. The plan is to purchase the coin when the value is as close to $620 as possible. The technical analysis also suggests that the period of accumulation will soon be over. Immediately the supply runs out, the market may rise up to the expected value of $870.