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- ETH nearly avoided a downfall below the major support level of $350
- Currently, it is suffering a marginal loss of -0.38% with an increase of 0.16% in ETH/BTC pair bringing the levels to 0.03317572
- If the overall market conditions are able to revive the positive momentum after a downtrend in Tuesday’s trading session, we may expect ether to target $375.00
On the intraday price chart, Ether has shown significant price recovery action after a downtrend in Tuesday’s trading session. The major support level of $ 350.00 just did the job for the crypto asset and prevented any further downfall. On the upper side with the help of the support level, ether reached the level of $360 where it faced slight resistance. The current market capitalization stands at $39,993,725,684 with the 24-hour volume traded of $12,250,372,093. Ether needs to break the minor resistance of $360 for avoiding consolidation between the price range of $350 to $360 and can be crossed hassle-free if the overall market conditions favour the bulls.
Ethereum (ETH) Technical Analysis
The technical chart highlights the sharp negative divergence faced by ether at the starting of the month which forced the price levels to break below the crucial mark of $400.00. Since the downfall, the price levels are supported by the level of $375 and $350 respectively. Looking at the patterns, the price levels formed a pennant when ETH broke above the level of $375 and reached the major resistance mark of $390. The resistance level has damaged price levels several times on the past occasion and did the same this time also. The levels reached the crucial support area of $320. Currently, ether is moving under the support of $350 after making price recovery momentum with the help of overall market conditions in which BTC too reached the level of $10800 while touching the low support of $10200 in the market.
Looking at the indicators, RSI levels are currently kind of consolidated which is a positive sign for the cryptoasset as any negative divergence can harm the support level.
MACD has been on recovering form after a bullish crossover. However, a bearish crossover is expected in the near term which might result in a slight downtrend.
Resistance level: $360 and $390
Support level: $350
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.
