Cryptocurrency market has experienced a volatile April as ETH token, Ether's price of Ethereum, had its recovery trend versus Bitcoin (BTC) cut short with a series of lower highs recorded. As of April 24th, the ETH/BTC pair had declined 5.5% from its local high of 0.0709 BTC six days ago while Ethereum declined nearly 15% and Bitcoin dropped 11.25% in U.S. dollar terms. For the moment, ETH still remains above its 50-day exponential moving average (50-day EMA; the red wave) near 0.0672 BTC, however if the march 2023 fractal occurs in April, Ethereum's price could potentially drop sharply below the support wave with a target of 0.0627 BTC by month's end, 7% off its current level and a major support in March and April. This coincides with Ether's ascending trendline support from June 2022.

On a positive note, Ethereum funds caught the attention of investors, attracting $17 million in the week ending April 21 against Bitcoin's $53.1 million outflow according to CoinShares' report. This confidence is likely attributed to the successful implementation of Shapella upgrade as per James Butterfill, head of research at CoinShares. Such big outflows for Bitcoin could be linked to profit-taking underlying its drop to below $27,500 as it reached psychological resistance levels of $30,000.

It has become evident in April's volatile months that investors need to stay vigilant due to instability in the market. Anything can be expected and with the fractal pattern surfacing, Ethereum could potentially see a drop below its support wave. With that said, Ethereum still draws interest from investors as it surges in confidence with certain upgrades and developments. Therefore, no investment advice is usually given as experienced and novice investors alike must be attentive in doing their own research and staying informed for the best trading and investment decisions.



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