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- Ethereum has been on significant declining momentum for the past few days.
- By going below the critical support level of $255, it has faced a large magnitude of loss in today’s market.
Ether started today’s market with the major mark of $250 with the hope to build a positive rally from the point. But what it looks like has been opposite for the second-largest crypto assets in the world.
Ethereum has gone below $250 and currently standing on the verge of another support level of $235.00. Any minor downfall below $235 can result in reaching to $200.
It can be said that the price decline is driven by the fact that bitcoin is failing to make any movement about $10,000 level as it turns downward. The ETH/BTC pair is also struggling between 0.025 BTC – 0.027 BTC for a while now.
The chart reflects on the bullish momentum ether had from the starting of the year which is followed by the ongoing current downtrend. The major mark of $300 has been now considered a major resistance level of ether after it made several failed attempts to cross that.
Another critical resistance of $275 was also found when Ether was moving between the price band of $255 to $275 for a week. The technical oscillators suggest that there is more downtrend yet to come.
In fact, the major support level of $180 and the psychological support level of $200 may come into play. The RSI has reached the oversold zone and is showing no tendency to move up.
The CCI is already in the oversold zone for a while in today’s market but is starting to move up to the positive territory. MACD levels also indicate that there is strong ongoing selling volume for ether and will be there for the upcoming days.
Resistance Level: $275
Support level: $200 and $180
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.
