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- Ethereum finally turned green after two days of downtrend which brought it to the support level of $250.00.
- The Technical indicators suggest that there is a strong upcoming buying phase for the second-largest cryptocurrency in the world.
Source: coinmarketcap
The pricing graph reflects on the significant positive momentum that ETH bulls built in this month which was followed by a downtrend of two days. But that didn’t impact ETH bulls much and had a comeback in today’s market. Ethereum gained around 5.25% with the current price of $263.40. The market capitalization is of $28,900,592,081 with the 24H vol traded of $8,898,252,528.
Source: Tradingview
According to technical indicators, RSI is on the level of 50 which is a neutral situation and indicates that the crypto assets have the tendency to move both ways. However, CCI has made a comeback from the oversold territory which is a positive sign for ETH bulls.
The volume traded for Eth is also increasing which can be considered as another positive sign. Overall, Ethereum has the potential to build a long term positive momentum from here by breaking $300.00.
Major resistance levels: $340 and $370
Major support levels: $250 and $275
The technical oscillators also suggest that traders can put their money on this crypto assets if they are looking for a long term investment (more than 1 month). Even, according to known traders and analysts, Ethereum can it’s an all-time high of $1400 by the end of this year.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
