Ethereum Price Forecast: Expert Analysis and Insights for ETH/USD (29th April 2024)

ETHUSD Analysis The 4-hour timeframe for ETHUSD shows a bullish Change of Character following a significant retracement. This has led to the formation of a new bullish FVG on the 4-hour chart. Ideally, the price would retrace to the 3282 level to test the minor resistance it broke out of on the 4-hour chart. Confirmation signals on the 15-minute or 5-minute timeframe would validate a potential upward move, aligning with the formation of the bullish FVG. In the event that price action turns bearish and closes below 3074, I would consider looking for selling opportunities using the break and retest strategy. A confirmation on the 15-minute chart, such as a Change of Character or a bearish engulfing candle, could signal a move towards the 2868 level.

ETH/USD Analysis Update: After retesting the 4-hour resistance zone, a bullish Chaikin Oscillator (CHO) has been formed on the 15-minute chart. We are now looking for a body candle close above this level and a retest of the bullish CHO or the 15-minute order block (OB) to further validate the buy position towards the 3480 level.