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

  • 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.

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.

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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

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

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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.

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