Ethereum Perpetual Contract Price Analysis: April 13
- On April 13, the bullish ETH price analysis is at $3530.
- ETH’s bearish market price analysis for April 13, 2022, is $2930.
- Ethereum’s MA shows a downward trend.
In Ethereum Perpetual Future (ETH) price analysis on April 13, 2021, we use price patterns, and the Moving Average of ETH to analyze the future movement of the cryptocurrency.
A perpetual contract is similar to a futures contract, which allows a person to buy or sell an asset at a predetermined date for a specified price. Perpetual contracts are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date.
Ethereum (ETH)
Ethereum was the first cryptocurrency to introduce smart contract functionality. This meant developers could build applications and other cryptocurrencies on its ecosystem. It is the engine behind much of the booming decentralized finance (DeFi) and non-fungible token (NFT) market.
Furthermore, Ethereum developers have been promising massive upgrades to the network to take it from Proof-of-Work (PoW) to Proof-of-stake (PoS). Moreover, not all the updates have been timely.
Furthermore, Ethereum’s first-mover advantage can’t be underestimated. Developers are used to its programming language, and the system has been well and truly battle-tested, which builds confidence. The Ethereum network is heavily congested, and gas fees can be prohibitively high.
Ethereum (ETH) Price Analysis
ETH price analysis on April 13, 2022, is explained below with an hourly time frame.
A descending channel, a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. More so, the descending channel pattern, also known as a falling channel or channel down. The upper line identified first, as running along with the highs and is called the trendline.
Moreover, the lower line identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by a trendline supporting the series of lower lows and a diagonal resistance level connecting the lower highs.
Currently, the price of ETH is $3024.86. If the pattern continues, the price of ETH might reach the resistance level of $3530 and the buy level of ETH is $3135. If the trend reverses, then the price of ETH may fall to $2930.
Ethereum (ETH) Moving Average
The ETH’s Moving Average (MA) shown in the chart below.
Currently, ETH is in a bearish state. However, ETH’s price lies below 50 MA (short-term), and it has a high chance of moving above the 50-MA level. Possibly, ETH can also move above 200 MA (long-term) soon. Once it moves above 50 MA and 200 MA levels, it completely goes to a bullish state. Moreover, there is a high possibility of a Trend reversal at any time.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/ethereum-perpetual-contract-price-analysis-april-13/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
