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- The cryptomarket is witnessing significant and surprising bullish momentum build by Ether bulls.
- The second-largest cryptoasset in the world is looking to break the crucial mark of $150 again indicating further bullish move.
Ethereum started with 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 $160. However, the significant bullish move of 8.12% has helped the cryptoasset to beat the resistance mark and also crossed the price level of $170.
The current price is $157.73 with the market cap of $17,493,130,493 and volume traded of $14,560,647,553, 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 (ETH) Price Analysis
The chart reflects on the bullish momentum ether had from the starting of the month which is followed by the breaking of $160 mark. The major mark of $1700 has been now considered a major resistance level of ether after it made several failed attempts to cross that. Another critical resistance of $175 was also found when Ether was moving between the price band of $170 to $175 for a week on previous occasions.
The technical oscillators suggest that there is more positive momentum yet to come. The major support level of $150 and the psychological support level of $155 may come into play. The RSI has sustained a normal zone but is showing a tendency to move down. The CCI was already in the oversold zone for a while in today’s market but moved up to the normal territory. MACD levels also indicate that there is strong ongoing buying volume for ether will be there for the upcoming days if there is a potential bullish cross.
Resistance Level: $160
Support level: $155 and $152
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.
