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- The bears are showing no mercy for ether price as it is reaching the crucial level of $205
- It is also facing significant overall loss in today’s market of -2.50%.
On the 7day-weekly chart, Ethereum Price started off by going above the crucial level of $210. The overall positive movement in the market indicated that it will be facing positive momentum in the market for a while. However, no one expected that the uptrend will be so significant that ether will be reaching the safe spot of $215.
However, ETH price broke the crucial level of $215 yesterday but suddenly had a negative push by the strong resistance level of $220.00. The price level reaching below $200 for ether can result in a major downfall for the ethereum price.
Another fall below the price level of $200 will weaken the support level of $195.00 and the cryptoasset may plunge more this time. However, after breaking below the price mark of $205.00, ether is reviving its buying volume.
Ethereum Price Analysis
The technical chart indicates that the level of $200 can be a good buying opportunity for investors. Also, the fib retracement level is below 0.236, and ether has always bounced back after touching that low level. This can be a positive sign for ether for halting the downfall.
The MACD levels also show that ethereum is getting buying volume after breaking below the price level of $210. The buying volume also attempted to reach the bullish zone but was unsuccessful. However, this has indicated that Ethereum ETH is now incapable of starting a positive movement in the market
The 24hr-RSI also avoided a negative divergence to the oversold region by reaching the mid area of the normal territory. The positive divergence might help RSI to reach the bullish level of 70.
The 24hr-CCI has been extremely volatile in today’s market. After touching the peak of the overbought region, it had negative divergence to the oversold region. However, it is still showing positive.
Resistance level: $220
Support level: $200 and $198
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.
