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- Ethereum has made significant price recovery actions in the market after touching the support area of $330.00 at the starting of this month.
- The ETH/BTC is performing positive with the gain of 1.69% bringing the current level to 0.03346418
Ethereum is taking steps for significant price recovery action in the market with the CMP at $386.01 with an overall gain of 3.37%. The market capitalization is at $43,614,319,194 with the 24-hour volume traded of $19,091,276,659.
As the weekly chart indicates, the significant positive momentum for ETH/USD started from the price level to $345.00 which have now close to the major resistance level of $390.00. The resistance level has provided major negative reversals to the price levels on previous occasions. Also, BTC is getting close to its resistance level of $11560.00 which indicates that both the leading cryptoassets will be having tough price momentum further ahead in the market.
Technical Levels Becoming Reluctant As Resistance Level Comes Closer For Ether
The technical chart highlights the significant downtrend faced by ether during the past month which is followed by the ongoing price recovery action in the market. The price candle has successfully broken above the 0.382fib and now aiming for the major resistance placed at 0.5fib level.
RSI levels had a sharp negative divergence but recovered the levels quickly. The current level stands at 65.29 and must avoid any downfall below the level of 50.
CCI levels are prevailing in the overbought region which is a positive sign for the cryptoasset with respect to the resistance level. The current level stands at 108.62
DMI is showing bullish nature but ADX is slowly degrading its levels which spread the word of caution. ADX is currently at 27.73 with +DI at 28.27.
Will Resistance Level of $390.00 Result In The Same Manner As On Previous Occasions For Ether?
The overall bullish sentiment looks strong for ether. However, close testing of the resistance level is yet to happen in the market. If the price levels are able to break above the mark, it will be a huge bullish signal ahead in the market. Till that time, we expect ether to trade below.
RESISTANCE LEVEL: $390
SUPPORT LEVEL: $370
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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.
