While Ethereum (ETH) marks a new all-time high beyond USD 2,500 this week, the price performance of Dogecoin (DOGE) currently towers over everything. Even though IOTA (MIOTA) is still a good distance away from the all-time high, the rally movement continues to point north for the German crypto project as well.
If you have never traded before it is recommended to give automated trading of bitcoin a try. The software will help you with your decisions. It came as predicted last week. In the previous week’s analysis, we pointed out the chance of a rally continuation as long as the Ether price can stabilize above USD 2147. This price level served as a springboard to the next important price target in the form of the 161 Fibonacci extension of the current uptrend at USD 2,496. This resistance was reached and even slightly exceeded yesterday (Thursday). Ethereum marked a new all-time high at 2,544 USD.
Bullish variant (Ethereum)
Ethereum was able to generate a new all-time high this week as the overall market continued to rise. With this, the Ether price has reached a first relevant price target at 2,496 USD and has even overcome the psychological 2,500 USD mark in the short term. Although there is slight profit-taking in the last trading hours, this does not change the overriding bullish stance. If the Ether price holds its ground above USD 2,147 and can even stabilize above USD 2,322, a renewed rise towards the new all-time high can be planned. If Ethereum can also stabilize above the 161 Fibonacci extension of the current price movement at 2,496 USD, a bullish continuation to 2,811 USD is likely in the coming weeks. Here, the 361 Fibonacci extension of the overarching movement is found. Ethereum is currently also benefiting from a new update called “Berlin” whose objective includes a reduction in remittance fees, i.e. gas costs. In addition, the hype around the Non-Fundable Tokens (NFT) continues unabated. However, investors might want to realize profits after the strong rally of the last weeks in the area of USD 2,811.
Temporary setbacks back to the 2,496 USD are to be planned. Should the 2,811 USD also be broken sustainably, price targets at 3,277 USD as well as 3,565 USD move into the focus of investors. At the 3,565 USD, the 461 Fibonacci extension runs. This Fibonacci projection should be mentioned as the first important price target for the coming months. If Bitcoin (BTC) also breaks through the psychological level of USD 70,000, Ethereum will target the first overarching price target at USD 4,322. This is the 561 Fibonacci extension of the overarching price movement. In addition, the red price-limiting uptrend line also currently runs in this area. At first contact, a breakthrough is unlikely from a chart-technical perspective. If the bulls manage to overcome this resistance line as well, a further price jump can be expected. The Ether price could even overcome the psychological mark of USD 5,000 in the second half and approach the 661 Fibonacci extension at USD 5,073. Bullish investors remain invested and new entrants should use price setbacks for entries.
Bearish variant (Ethereum)
The bears continue to have a hard time. The support at 1,942 USD could not be undercut, as suspected. The Ether price bounced back above the all-time high to the upside and broke through USD 2,147 very dynamically. Only if the bears manage to push the price back below this support level, a retest of the old all-time high at 2,037 USD is to be planned. If this support is also abandoned, a short-term directional decision will occur at USD 1,942. If Ethereum falls back dynamically below the previous week’s low and subsequently also below USD 1,880, the Ether price could drop to USD 1,789 and test the red downtrend line from above. Bullish investors are likely to enter again here. However, if this support area is broken sustainably, Ethereum could correct to the 1,733 USD. If this support does not hold either, a re-dip into the red support zone is to be planned and a consolidation to USD 1,664 is conceivable.
If there is no bullish countermovement at this support level, the correction could extend to the low at USD 1,545. If the sell side also manages to undercut this important support level, a correction extension to the orange support area is to be planned. In the area between 1,489 USD and 1,425 USD, a medium-term directional decision for the Ether price will then be made. Once again, the bull camp is likely to try to turn the tide. If the bears manage to sustainably break through this support zone, Ethereum is likely to slide down to USD 1,303. This is currently also the EMA200 (blue) as well as the correction low from February 28 of this year. From the current perspective, the Ether price will fall back to USD 1,223 at the most. This correction would be around 50 percent from the current price level. For the bears, it is still important to look for sustainable bearish reversal signals before investors should speculate on falling Ether prices.
Both the RSI and MACD indicators continue to show buy signals. Although the RSI has been trending slightly south since yesterday, it is not overbought. The same applies when looking at the MACD indicator. Also in the weekly comparison, both indicators continue to have long signals.
The price momentum of IOTA has accelerated again this trading week. The MIOTA price managed the presumed liberation blow above the psychological 2 USD mark and rose to a new multi-year high at 2.38 USD.
Bullish variant (IOTA)
The bullish price momentum made IOTA jump significantly above the psychological 2.00 USD mark. Subsequently, the price jumped further north marked a new course high at 2.38 USD. Today, Friday 16 April, there is currently increased profit taking in many altcoins. IOTA is also trending somewhat weaker and is trading at USD 2.26 at the time of this analysis. As long as the MIOTA price trades above USD 2.00, new highs for the year can be expected in perspective. If IOTA can dynamically overcome the red resistance area between USD 2.30 and USD 2.38, a march through to the first relevant intermediate target on the way to the 2018 highs at USD 2.69 can be planned.
After such a rise as seen in recent weeks, investors might want to realize first profits at this chart level. An intermediate correction back to the 2.30 USD must be planned. If the MIOTA price can then also dynamically break through this important resistance level, a subsequent rise to USD 3.36 (127 Fibonacci extension) or even USD 3.64 (138 Fibonacci extension) is conceivable.
If the rally on the overall market remains intact, IOTA could march towards USD 4.08 (horizontal resistance) or even to the 161 Fibonacci extension at USD 4.21 in the medium term. If there is no massive sell-off here either, the MIOTA price should even target the January 2018 high at 4.50 USD. For the second half of the year, a rise above the psychological mark of USD 5.00 cannot be ruled out. If the bulls manage to sustainably break through this resistance, the all-time high at 5.79 USD will come into focus for investors. At most, IOTA could rise to 6.68 USD.
Bearish variant (IOTA)
If, on the other hand, the MIOTA price falls back below the 2.16 USD and the strong support at 2.00 USD is also sustainably undercut, there will be a retest of the red uptrend line from above. Here, the EMA20 (red) is also found. If the bears manage to push IOTA below this cross support, a relapse to the orange support area between 1.83 USD and 1.72 USD is to be planned. Should the MIOTA price also sustainably abandon this support zone, a correction extension into the green support zone is likely. Here, the course high from March 23 as well as the EMA50 (orange) can be found. Bullish investors will want to grab again here. If, on the other hand, IOTA gives up the area between USD1.58 and USD1.52 on the daily closing price, a correction to the zone around USD1.40 is likely. This is the super trend in the daily chart. In addition, the EMA50 (orange) also runs in this area.
The area around USD 1.40 was strongly contested in February and March of this year. If the bears manage to sustainably break through this chart level, a correction extension to the blue support area between USD 1.22 and USD 1.16 is conceivable. In the area of 1.22 USD, the EMA100 (yellow) currently runs. At the 1.16 USD, the overriding 38 Fibonacci retracement is also found. If this support area is also sustainably abandoned, the MIOTA price could target the next relevant price target between 1.10 USD and 1.02 USD. IOTA found good support in this area several times in February. Should there be a more significant correction on the overall market, the maximum bearish price target between USD 0.95 and USD 0.88 comes into view. This is currently the EMA200 (blue). However, as long as the bears cannot sustainably push the MIOTA price below the 2.00 USD, price targets on the upside are still preferable for the time being.
The RSI indicator as well as the MACD indicator continue to show buy signals in the daily chart. The same is evident when looking at the weekly chart. The indicators thus support the thesis of a further rising MIOTA price.
The development in the “dog” among the cryptocurrencies must be assessed as completely crazy. Investors seem to be following Elon Musk once again and are buying Dogecoin to ever new heights at the time of this analysis. In doing so, the unlimited supply of Dogecoins is currently being ignored. The Dogecoin rally is like a suicide mission. Ínvestors should therefore not ignore profit-taking or at least tighten the stop-loss gradually in order not to jeopardize their profits.
Bullish variant (Dogecoin)
In the last 48 trading hours, the DOGE price jumps further and further to the north and apparently knows no limits. In these phases, chart-technical analyses are very difficult, as a reversal movement can occur at any time. Should the DOGE price stabilize above USD 0.24 by the end of the day, and also hold north of USD 0.30, the overriding 661 Fibonacci extension at USD 0.34 will first come into view. If enough investors continue to invest in Dogecoin even after a 250 percent price rally, a rise to the next resistance at 0.39 USD (361 Fibonacci extension) is likely. If this price mark is also pulverized, a march through to the area between 0.45 USD and 0.48 USD is to be planned.
This is where the 423 and 461 Fibonacci extension of the current upward movement are located. Here, investors are likely to realize initial profits once again. Should the DOGE price also break through this area, Dogecoin could even overcome the 0.50 USD mark and advance into the red resistance area. As maximum price targets, the 0.58 USD and even 0.68 USD would no longer be ruled out. This is where the 561 Fibonacci extension and the 661 Fibonacci extension run. Higher prices than 0.68 USD are not excluded in such price explosions, but a higher DOGE price cannot be derived from the chart. Due to the unlimited coin supply, the current movement is thought-provoking and its sustainability must be doubted. The risk of a significant correction is currently rising sharply.
Bearishe variant (Dogecoin)
Whenever the Doge price corrects, the reversal could be significant, just like the rise. If the DOGE price falls back the 0.30 USD and also the green support area at 0.25 USD is dynamically undercut, a fall back towards 0.20 USD is to be planned. If this support in the form of the overriding 361 Fibonacci extension also breaks, and no new bullish investors come into the market here, the DOGE price should initially correct to the 0.18 USD. If this support is also abandoned, the next price target is USD 0.16 (261 Fibonacci extension). If this chart level does not hold either, the area around 0.14/0.13 USD comes into view. This is the super trend in the daily chart.
A new attempt to rise from this level is therefore conceivable. If this area also breaks sustainably, the DOGE price is likely to slide further away and target the blue support zone. A relapse to the EMA20 (red) at USD 0.10 must also be planned for. This is also the 50 Fibonacci retracement of the current upward movement. If this moving support does not hold either, a relapse to the breakout level at 0.08 USD is likely. From the current perspective, this support represents the maximum bearish price target. As long as investors hold on to the hype and favor higher prices, re-shorting into this hype is not advisable.
The RSI as well as the MACD indicator show a buy signal on a daily basis. However, both indicators are clearly overbought. Also with a view to the weekly chart, both indicators have a buy signal, which, however, also indicate an overbought condition. states is approaching.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment of the analyst.