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- Ether is marching strong with the huge price recovery action in the market.
- While BTC broke above the crucial price level of $11K, ether managed to cross the resistance level of $370.00
- The ETH/BTC pair is also performing significantly positive with an overall gain of 1.88% bringing the current level of 0.3281231 BTC
The overall bullish momentum in the market provided the much required positive boost to the world’s second-largest crypto asset. Ether is now trading above $370.00 with the CMP of $375.45 bringing the day’s increase to 5.77%. The market capitalization stands at $41,870,412,273 with the 24-hour volume traded of $15,855,586,618.
As the intraday price chart of Ethereum reflects, the positive momentum built by the cryptoasset looks gradual and sustainable in the market. After ether touched the support area between the price range of $340 to $330, the bears were in full intention to provide further damage to the price level. However, with the help of the support level and overall market conditions, the crypto asset avoided any further downfall and made huge recovery action on Saturday’s trading session.
Technical Levels Supporting the Bulls
The technical chart reflects on the significant downtrend faced by ether in September which forced the price level to break below $400.00 and lost its bullish levels. However, the starting of this month has seen some measurable price recovery action for ether in the market. The price levels broke above the 0.382fib level indicating a bullish signal. Meanwhile, there’s a major resistance placed at 0.5fib level. Yes, we are talking about the major resistance level of $390.00 will have provided the cryptoasset some major negative reversals on the past occasions.
Relative strength index levels have significantly improved on the graph indicating the plan for further price recovery action. The current level stands at 68.43.
CCI levels also made a huge recovery from touching the depth of the oversold region to making it to the overbought. The current level stands at 116.24
Where Ethereum Can Be Headed?
If the overall bullish momentum in the market sustains with the same magnitude, we might expect ether to test the resistance level of $390 this time relatively moving with bitcoin (which can be preparing for reclaiming the $12K mark again). Otherwise, a sustainable region between the price level of $360.00 to $370.00 is strongly backing the digital asset.
RESISTANCE LEVEL: $390.00
SUPPORT LEVEL: $345.00 & $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.
