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Published: 17 April 2026,06:31
Chart The Market
GBPJPY, H4:
The GBPJPY pair has staged a powerful bullish rally, reaching a fresh all-time peak above the 215.00 mark. The advance represented a sustained period of buying pressure, with the pair breaking through multiple resistance levels to establish uncharted territory. However, the bullish momentum has now clearly stalled, with the pair trading in a sideways manner in recent sessions.
Momentum indicators have flashed early warning signs of a potential shift in market dynamics. The Relative Strength Index has dropped out of overbought territory, confirming that the intense buying pressure that fueled the record rally has dissipated. More significantly, the Moving Average Convergence Divergence has formed a bearish death cross at elevated levels—a classic technical signal that often precedes a trend reversal or a sustained period of consolidation.
The pair is now trading within a range-bound structure, and the inability to extend the record high suggests that sellers are beginning to emerge at these elevated levels. The sideways price action reflects a market in equilibrium, with neither bulls nor bears able to establish clear control.
Should the pair fail to hold above the current range bound, this would constitute a bearish tilt signal, indicating that the balance of power has shifted in favor of sellers. A decisive break below range support would expose the next downside targets near 213.50-214.00 and the 212.00-212.50 zone, representing the 38.2% and 50% Fibonacci retracement levels of the recent rally.
Resistance Levels: 216.20, 217.60
Support Levels: 214.70, 213.15
ETH, H4
Ethereum has faced strong resistance at the $2,380 mark, a level that previously rejected the cryptocurrency weeks ago and has now once again capped upside attempts. The repeated failure to break above this threshold suggests that selling pressure remains significant at these levels, despite the broader recovery from recent lows.
The subsequent price action has formed a lower-high pattern, a classic technical signal indicating that bullish momentum is waning and that a potential trend reversal may be underway. This structure, characterized by a peak that is lower than the preceding high, reflects diminishing buying conviction and increasing seller control.
The immediate focus is the short-term support line at the $2,315 mark. A decisive break below this level would further justify the bearish bias, confirming that the lower-high pattern has resolved to the downside and opening a path toward the next support targets near the $2,250-$2,220 zone. The $2,315 level represents the lower boundary of the recent consolidation and a break below would signal a structural deterioration.
Momentum indicators are flashing mixed but increasingly cautious signals. The Relative Strength Index continues to hover above the 50-midpoint, suggesting that some buying pressure remains. However, the Moving Average Convergence Divergence has formed a bearish death cross at elevated levels—a development that typically precedes a sustained period of weakness or a trend reversal. This divergence between the two indicators adds to the cautious outlook.
Resistance Levels:2385.00, 2675.00
Support Levels: 2132.05, 1825.80
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