- Ethereum has been one of the top-performing crypto assets in this year rising from the price level of $116 to $228 this year.
- However, it is facing a new resistance mark for the past four days of $230.
Is this the end of Ether bulls?
The crypto market witnessed amazing gains on Ether in this year. The crypto asset started this year with a price of around $116 and broke the major resistance of $200. Ether is aiming for the $250 mark and currently, it is facing a slight resistance at $230 for the past four days.
The past week, Ether broke $200 mark which indicated that ETH bulls are aiming for a long term momentum from here. However, after breaking another resistance level of $225 it is facing slight price correction and is unable to break a $230 mark.
From the fundamental side, the crypto market is waiting for Ethereum’s next system-wide upgrade, i.e., ETHEREUM 2.0. According to Reddit discussion, the team said that the network would not launch until three clients can run testnets continuously for at least eight weeks. The launch is now expected to be in July 2020. This can provide Ether a fundamental gain that is needed.
The chart shows the bullish momentum built by Ether in this year. Currently, the price is around $223.00 and the market capitalization is over $24,442,902,687 with the 24H volume traded approximately $5,926,214,647.
The relationship between RSI and the price of Ether is strong according to the chart. Whenever there’s a negative divergence in RSI, the price of Ether is set to take a positive momentum. Currently, the RSI is again on negative divergence from the overbought zone which indicates an upcoming bullish momentum in the near future.
If ETH is able to break $230, it will be facing an intermediate hurdle around $240 level. However, if it gains bullish momentum from here the major resistance is set to be at $280.
ETH may touch its support level of $220 but any downfall from there can create negative momentum in which it can dip to $200 mark.
Major Resistance level: $280
Major Support Level: $200
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.