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- Ethereum started at a price level of $145.00 in today’s market, ETH/BTC pair is also performing positive with the overall gain of 3.25% bringing the level to 0.21888484.
- The cryptomarket is witnessing significant and surprising bullish momentum build by Ether bulls.
- The second-largest cryptoasset in the world has broken the crucial mark of $150 indicating further bullish move.
Ethereum started at a price level of $145.00 in today’s market. The general assumption was it will be facing price consolidation due to the significant resistance provided by the price level of $150. However, the significant bullish move of 8.12% has helped the cryptoasset to beat the resistance mark.
The current price is $155.73 with the market cap of $17,193,130,493 and volume traded of $16,560,647,553, The ETH/BTC pair is also performing positive with the overall gain of 3.25% bringing the level to 0.21888484. It looks like the support of the level of 0.020 has done the work for ether. Currently, ether is targeting to break another crucial and safe spot of $160. If done, it can declare that ether is on road to recovery for a $200 mark.
Ethereum Price Analysis
The chart reflects on the bullish momentum ether had from the starting of the month which is followed by the breaking of $150 mark. The major mark of $260 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 on previous occasions.
The technical oscillators suggest that there is more positive momentum yet to come. In fact, the major support level of $150 and the psychological support level of $155 may come into play. The RSI has reached the overbought zone and is showing no tendency to move down.
The CCI is already in the overbought zone for a while in today’s market but is starting to move up to the normal territory. MACD levels also indicate that there is strong ongoing buying volume for ether and will be there for the upcoming days.
Resistance Level: $260
Support level: $250 and $248
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.
