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- Ethereum has faced a great magnitude of selling pressure on Wednesday’s trading session with an overall loss around 4.00%
- The downtrend might lead the price levels to the support area of $330.00
- The ETH/BTC pair is also facing a significant downfall of -2.21% bringing the current level to 0.03212239 BTC.
Ethereum has broken below the crucial mark of $350.00 which can be considered as a bearish signal for quite some time. The price correction activity can be the result of slight consolidation between the range of $350 to $360 for the past few days. The CMP is placed at $340.83 with the market cap of $38,480,472,285 and 24-hour volume traded of $14,063,350,127.
On the intraday chart, the downtrend started from the price level of $352.00 and went on to $342.00 in no time. However, the price level of $342.00 looked like a good buying price for the investors which resulted in the levels to shoot up again to the level of $350.00. Meanwhile, the overall bearish sentiment in the market got much stronger and Ethereum was onto the negative momentum again. Currently, it is holding the level of $340.00 but the sentiment of bears are looking stronger. As of now, we can say that there’s no room for panic as on the downtrend line, ether has a major support area between the price level of $330 to $323. Another major support level is also placed at $317.00.
Ether Faces Decline In Daily Active Deposits
Ethereum has faced a rapid decline in the number of daily active deposits which was started at the end of September. This can be another reason for the downtrend as the number shows the decline from 56K to 40K in terms of daily active deposits.
Ethereum’s Technical Levels Getting Onto Revival Mode
The technical chart highlights the significant downtrend faced by ether during the starting days of September. The price recovery is still being awaited by the investors as the cryptoasset was unable to cross the multi-resistance level of $390.00. The ongoing downtrend can be the result of an attempt to cross above 0.236fib level from a technical aspect.
RSI levels exhibited lower levels due to the downtrend, however, there’s a revival point at the tip of the level which might help in the recovery of the levels. The current level stands at 40.01
CCI levels have touched the depth of the oversold region and now gradually looking to improve the levels. The current level stands at -122.37.
RESISTANCE LEVEL: $360.00
SUPPORT LEVEL: $330.00
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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.
