Ethereum (ETH) Price Analysis for April 27

Growth has not lasted long as most of the coins are back in the red zone.

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ETH/USD

Ethereum (ETH) has ended up losing more than Bitcoin (BTC), falling by 1.70% over the previous 24 hours.

Image by TradingView

On the hourly chart, the rate of Ethereum (ETH) has formed the local support level at $1,876. The price remains under sellers’ pressure as it has not even bounced back to the middle of the channel.

If buyers cannot seize the initiative by the end of the day, the breakout may lead to a drop to the $1,860 zone tomorrow.

Image by TradingView

On the bigger chart, one should pay attention to the important mark of $1,900. In case the closure happens below it, the accumulated energy should be enough for a breakout of $1,800, followed by the test of the support at $1,715. Such a scenario is relevant until the end of the month.

Image by TradingView

A similar situation can be seen on the weekly time frame as the rate is closer to the support than to the resistance. However, if buyers manage to close the bar above the previous candle low at $1,826, there is a chance to see sideways trading of the main altcoin in the area of $1,850-$1,950 in the coming few weeks.

Ethereum is trading at $1,875 at press time.

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