Ethereum in Down Trend after Hitting resistance of $395

  • ETH drops -4.12% in the last 24-hours trading at $362.5 after a bull run from $334 however  gains 3.84% in the last seven days 
  • The coin was in a bearish movement after testing 0.5 fib level ($395)
  • The market capitalization of the coin is $41,768,512,254 and the volume traded is $16,482,806,460


eth 01
source: tradingview

The monthly chart of Ethereum has supported at the level of $334 as its low point and after touching the resistance of $395, the crypto asset dropped to the level of $363. The coin makes a falling channel pattern making lower highs and lower lows indicate the bearish momentum in the coin.

The coin has a support at $350 while the minor resistance at $376.3 followed by the strong resistance at $395.

eth 02
source: tradingview
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Moving Average Convergence Divergence (MACD) makes the double bottom pattern over the indicator chart as the breakout from a double bottom helps the cryptoasset in price recovery and we observe a bullish move in the coin. However, on Thursday’s market session, a double top pattern is observed and a breakdown from the pattern gave price correction as a result we observe price fall.

Support: $350 (0.236) Fib level

Resistance: $376 (0.382)fib and $395 (0.5) fib level.


eth 03
source: tradingview

ETH/BTC chart makes a descending triangle pattern over the 4-hours monthly chart trading at $0.032 with a price drop of -1.93% after making the high of $0.041. The coin corrected to the level of $0.031 as it’s monthly low. The coin is in a bearish momentum as it makes lower highs and lower lows 

eth 04 1
eth 04 1

Moving Average Convergence Divergence (MACD) of ETH/BTC gives a bearish signal over the chart and gives multiple negative crossovers, as a result, the coin price corrects.

Support: $0.031 

Resistance: ($0.034) 0.382 Fib levels   

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Pratik Chadhokar
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.

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