Bitcoin and Ether Market Update April 8, 2021

ETH/USD

The Ethereum Project token ETH hit a new all-time high last week, touching $2,146 on April 2, and managed to keep most of the gains before the weekly candle close on Sunday, which helped it add the stunning 23 percent to its valuation.

On Monday, April 5, and Tuesday, April 6, the ETH/USD pair continued to move North and printed yet another highest point of trading – $2,153. The rally, however, looked exhausted as profit-taking activities started to kick in.

On the third day of the workweek, the ether dropped all the way down to $1,927 in the early hours of trading before stabilizing above the previously solid weekly resistance level near $1,943 turning it into support. The uptrend remained intact and even though the coin lost 7 percent, the bullish market structure was not broken.

The leading altcoin is trading slightly higher – at $1,922 as of the time of writing, trying to break above the short-term EMAs on the lower, 4-hour timeframe chart.

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