Ethereum Price Analysis: Is Sustainability Over $130 Indicating Bullish Momentum For Ether?

• Ehtereum finally turned green for the second consecutive day which brought it to the price level of $140.00.
• The Technical indicators suggest that there is a strong upcoming buying phase for the second-largest cryptocurrency in the world.

The pricing graph reflects on the significant negative momentum that ETH  faced in this month which was followed by uptrend of two days. Still, ether bulls had the potential to come back and help the cryptoasset to sustain a necessary price level of $130. Ethereum gained around 1.50% with the current price of $137.40. The market capitalization is of $15,900,592,081 with the 24H vol traded of $11,898,252,528.

According to technical indicators, RSI is on the level of 50 which is a neutral situation and indicates that the cryptoasset has a tendency to move both ways. However, CCI has made a comeback from the overbought 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 $150.00. MACD levels are also sustaining in the bullish zone besides having a near touch to the bearish zone. This indicates that the bulls may hold the price mark of $130.

The technical oscillators also suggest that traders can put their money on this cryptoasset if they are looking for a long term investment (more than 1 month). Even, according to known traders and analysts, Ethereum can regain on $170 but that will largely depend on the global market conditions too because ether being the second-largest cryptoasset in the world makes it vulnerable to global market conditions.

Major resistance levels: $150 and $160
Major support levels: $130 and $128

Pratik Chadhokar

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.