Ethereum Price Analysis: ETH Bulls Down By Resistance Of $245 Still Remains Positive

Capture1
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.
  • Ethereum finally turned green after facing slight resistance from the level of $245. But, it sustains to be positive in the market with the overall gain of 1.00%.
  • The technical indicators suggest that there is a strong upcoming buying phase for the second-largest cryptocurrency in the world.
  • A further negative divergence will indicate that the bears may have a comeback.

Capture
Source: CoinMarketCap

The pricing graph reflects on the significant positive momentum that ETH bulls built in this month which was followed by downtrend due to the resistance level of $245. But that didn’t impact ETH bulls much and had a comeback in today’s market. Ethereum (ETH) gained around 1.25% with the current price of $237.40. The market capitalization is of $28,900,592,081 with the 24H vol traded of $8,898,252,528.

It has become necessary for the bulls to sustain on the bullish momentum as the cryptoasset had a sharp positive movement from the price level of $220 to $245 which may face heavy price corrections. But bulls being on the side of ethereum price can prevent that. Ethereum has avoided downfall below the price level of $237 which has acted as a new support level for the cryptoasset.

Screenshot (357)
Source: Tradingview

Ethereum Technical Analysis

Advertisement


The technical indicators look strongly bullish for ethereum currently. The MACD levels are in the bullish zone which is a significant rise in the levels. The RSI is having a negative divergence to the normal territory from the overbought region. This may provide sustainability to the bulls over the price but a sharp negative divergence in the levels may lead to significant downfall too.

The CCI also reached the overbought region and had a negative divergence to the normal territory to ensure the stability in the prices. A further negative divergence will indicate that the bears may have a comeback.

As long as ethereum continues to stand on the support levels of $237 and $235 respectively, we can say that it will not lose its bullish momentum gained during the past few days. However, a decline below the level of $230 will strongly indicate an upcoming downtrend for the cryptoasset.

Major resistance levels: $245 and $250

Major support levels: $237 and $235

Hot News

Bitcoin Supply Cut Due To Lost Keys And Burning

Bitcoin Halving is basically a mechanism to control its supply and supply of the same is set at 21 million coins. The 21...

Mathew McDermott to Serve As Goldman Sachs’ New Head Of Digital Assets

The leading investment banking firm, Goldman Sachs Group Inc. has promoted Mathew McDermott to become the head of the digital asset markets. McDermott...

Interview with Mikk Maal, the founder of Comistar

Hey Mikk Maal, thanks for taking the time to join me in this interview to educate our community on Comistar. Can you give us...

LISK [LSK] Anticipates Price Rise as Ascending Triangle Asserts Supremacy

The price volatility is re-entering in the cryptocurrency market in the past few weeks. Lisk is one such Low cap altcoin presently ranked...

Forbes Reveals List of Bitcoin Institutional Investors

Forbes released a list of 20 institutional Bitcoin Investors who already filed paperwork with the U.S Securities and Exchange Commission. This consists of...

Korea’s Bank To Create A Blockchain Based Financial Ecosystem With Three Other Firms

Kookmin Bank has recently announced their ventures in the world of blockchain and cryptocurrency. On August 7th, Kookmin Bank officially signed business agreements...

Partners

RELATED NEWS

Bitcoin Supply Cut Due To Lost Keys And Burning

Bitcoin Halving is basically a mechanism to control its supply and supply of...

Mathew McDermott to Serve As Goldman Sachs’ New Head...

The leading investment banking firm, Goldman Sachs Group Inc. has promoted Mathew McDermott...

Interview with Mikk Maal, the founder of Comistar

Hey Mikk Maal, thanks for taking the time to join me in this interview...