Ethereum (ETH) Price Analysis: ETH Breaks $218 Mark With Significant Bullish Move

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • The cryptomarket is witnessing significant and surprising bullish momentum build by Ethereum bulls. 
  • The second-largest cryptoasset in the world break the crucial mark of $218 again indicating a further bullish move to the mark of $220.

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Source: coinmarketcap

Ethereum price started at level of $210.00 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 $218. However, the significant bullish move of 4.50% helped the Ethereum (ETH) to beat the resistance mark.

The current price is $219.27 with the market cap of $24,993,130,493 and volume traded of $13,060,647,553, The ETH/BTC pair is also performing positive with the overall gain of 3.25% bringing the level to 0.2326675 BTC. It looks like the support of the level of 0.025 has done the work for Ethereum (ETH). Currently, Ethereum is targeting to break another crucial and safe spot of $220. If done, it can declare that Ethereum is on road to recovery for a $230 mark.

However, after breaking above the level of $220 ETH faced major profit booking momentum in the market when it reached the level of $223. In another attempt, this level can act as a barrier for the bullish move again.

Ethereum (ETH) Price Analysis

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Source: Tradingview

The chart reflects on the bullish momentum Ethereum had from the starting of the month which followed by the breaking of $200 mark. The major mark of $230 has been now considered a major resistance level of ETH after it made several failed attempts to cross that. Another critical resistance of $235 also found when Ethereum was moving between the price band of $220 to $250 for a week on previous occasions.

The technical oscillators suggest that there is more positive momentum yet to come. The RSI has sustained overbought zone and is showing a tendency to move up. MACD levels also indicate that there is strong ongoing buying volume for Ethereum by reaching the bullish zone and will be there for the upcoming days if there is a potential bullish cross. OBV levels indicate a sudden spike in the volume traded of ETH which is a positive sign.

Resistance Level: $223 and $235

Support level: $215 and $210

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