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- Ether’s all-time resistance level of $390.00 provided another major negative reversal which forced the price levels to drop below $380.00
- The ETH/BTC pair is also performing negative with a loss of -1.47% bringing the current level to 0.03291340 BTC
Ethereum yet again faced the damage provided the major resistance level of $390.00 and now is well below the crucial mark of $380.00. The bulls were unable to beat the resistance mark resulting in the negative move for the second consecutive day for the world’s second-largest cryptoasset in the world.
The weekly chart highlights the significant positive momentum built by ether bulls from the past week. Ether started the bullish rally from the critical support area of $330.00 and reached its major resistance area of $390.00. The CMP is placed at $373.03 with a loss of -2.07% bringing the market capitalization to $42,157,256,189 with the 24-hour volume traded of $16,078,938,860. Currently, the cryptoasset price levels are sustained by the major support level of $370.00.
Technical Indicators Attempting to Avoid Bearish Levels for Ether
The technical chart highlights the downtrend faced by Ether in the past month which is followed by a price recovery action this month. The recovery action will only be significant if the cryptoasset is able to reclaim the crucial level of $400.00 again in the market. The bullish move helped the price levels to cross above the 0.382 fib level. Due to the ongoing downtrend, the price levels have again broken below the mentioned level. It also defied the bullish curve that was formed during the positive move.
The relative strength index is showcasing negative nature as the current level stands at 46.59. Any further downfall below 40.00 can provide more damage to the price levels.
The commodity channel index had a sharp negative divergence from the overbought region and currently avoiding reaching the oversold region. The current level stands at -108.32
Both +DI(23.42) and ADX(24.93) are moving together which is a positive sign for the cryptoasset.
Will Bears Take Full Control Over Ethereum Price Levels?
It is hard to say that Ether will face major price correction activity further ahead in the market until the major support level of $370.00 is broken. The price levels need sustainability at this point in time and need to wait until the negative reversal provided by the resistance level gets diluted.
RESISTANCE LEVEL: $390.00
SUPPORT LEVEL: $370.00
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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.
