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- 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.
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.
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
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.
