The cryptocurrency market is recovering from the loss of bearish pressure and the prices of the currency are gaining bullish sentiments. As Bitcoin, Ripple, Litecoin, Binance Coin, Ethereum and some of the other currencies are also gaining high value in the market.
Ethereum was dropped around low of $212 under the bearish correction and currently, it recovered its value. Now it is trading above $220 and $225 resistance levels, but still, there is bearish pressure on the value of the currency. On the other hand, in the hourly charts of ETH/USD, the increasing channel is creating along with the resistant level of $240.
The pair will be going face a lot of struggle near the resistance levels of $240 and $242, instead of its recovery against the US Dollar. Currently, the Ethereum is trading at the value of USD 226.51 and its value is decreasing by-0.20%. The market capitalization of the currency is $24,219,016,100 USD and the 24-hour volume is $7,595,606,764 USD.
Ethereum Price Analysis: The cryptocurrencies were under the bearish correction for several days and Bitcoin, Ethereum, Ripple and other altcoins have suffered a decline in their values against the US dollar. Ethereum’s value has broken the supports levels of $240 and $230. The pair was trading near to the value of $210 level and stayed below the 100-hourly SMA. A low value of ETH/USD was created close to the value of $212 level and the value currently goes up.
The most important factor for the Ethereum’s recovery above the resistance of $220 was that the Bitcoin’s value has increased around 8%. The value also broke the 23.6% fib retracement level of the previous important decrease from the high of $270 to a low of $212. Ethereum also traded above the value of $230 for a long time but wasn’t able to clear the resistance level of $235. On the other hand, there is an increasing channel is creating with resistance close to $240 on the hourly chart of ETH/USD on Kraken.
The resistance of the channel is close to the 50% fib retracement level of the previous key decrease from the high of $270 t the low of $212. And because of that, the value has to face a strong resistance near the value of $240 and if Ethereum can cross the resistance of $240 then the value of the ETH will increase towards the resistance levels of $250 and $255. On the other hand, 100-hourly SMA is also placed close to the $255 level and a bearish trading line on the same chart to work as a resistance of the ETH/USD.
On the contrary, if there is no break on the upside above the resistance of $240, then the price slide will continue. There is an immediate support level of ETH close to the value of $225; below this value, ETH can examine $220 level and if the value breaks further then the ETH could reach at the low of $212. On the other hand, in the chart, the value of Ethereum is recovering slowly, but still, there are many problems in the upwards close to $235, $240 and $255 resistance levels. This is the reason why sellers stay in action in the short-period unless the bullish movement gains momentum above the resistance of $240 and $255.
Ethereum Technical Analysis: The hourly MACD for ETH/USD is presently losing strength in the bullish zone. The RSI for the ETH/USD wasn’t able to stay above the 50 levels and is recently going lower. The major support level of ETH is $220 and the major resistance level is at $240.