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- Since the starting of the month, ETH has been making failed attempts to cross the major mark of $300
- If it continues to be under the price of $275, the bears may drop it back to $200.
As the graph indicates, after breaking a $280 mark to reach $300, ETH bulls couldn’t hold up. After reaching $282.50, it faced pricing corrections at multiple times but in a small magnitude.
However, now the crypto market is assuming that ETH has held between $250 and $275 for a longer duration than expected. This may help the bears to pullback the price of the second-largest cryptocurrency in the world to a significant extent.
Currently, Ethereum is at the price of $270.37 with the market capitalization of $29,695,522,987 and the 24H volume traded is $19,565,838,567. The current price of ETH/BTC is 0.027 BTC.
Ethereum has been able to sustain above the support level of $255 but somehow failed to overcome the resistance of $275. It can be said that after performing an increase of a total of 127% from low to high in 2020, Eth is in the phase of consolidation.
Against BTC also, ETH is struggling between 0.0278 BTC and 0.0260 BTC. A break from the price band would help ETH to get out of consolidation.
The technical chart also suggests that ETH is having confirmed consolidation with the cyclic upward and downward trend between $255 and $275.
The RSI is currently moving up and is around the level of 55. If RSI tends to move up, it will be a positive sign for ETH bulls.
CCI also faced a negative divergence from the overbought region which also favors the ETH bulls.
MACD levels show that there is a minor bullish pattern building up for ETH in the crypto market.
Resistance Level: $270 and $290
Support Level: $255 and $235.
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.
