Home
News
- The cryptomarket is witnessing significant and surprising bullish momentum build by Ether bulls.
- The second-largest cryptoasset in the world break the crucial mark of $200 again indicating a further bullish move to the mark of $220.
Ethereum (ETH) started at a price level of $207.00 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 $200. However, the significant bullish move of 10.20% helped the cryptoasset to beat the resistance mark and also crossed the price level of $210. The current price is $213.64 with the market cap of $23,993,130,493 and volume traded of $22,060,647,553.
The ETH/BTC pair is also performing positive with the overall gain of 0.57% bringing the level to 0.2410937. It looks like the support of the level of 0.024 has done the work for ether. Currently, ethereum price is targeting to break another crucial and safe spot of $220. If done, it can declare that ether is on road to recovery for a $250 mark.
Ethereum Price Analysis
The chart reflects on the bullish momentum ether starts the month by breaking $200 mark. The major mark of $220 has been now thought a major resistance level of ether after it made several failed attempts to cross that. Another critical resistance of $225 was also found when Ethereum was moving between the price band of $220 to $230 for a week on previous occasions.
The technical oscillators suggest that there is more positive momentum yet to come. The major support level of $200 and the psychological support level of $210 may come into play.
The RSI sustains overbought zone and currently in the normal region showing tendency to move up. The CCI was already in the overbought zone for a while in yesterday’s market but move up to the normal territory with a sharp negative divergence in ethereum prices. 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: $218 and $220
Support level: $210 and $200
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.
