Ethereum in Down Trend after Hitting resistance of $395

Pratik Chadhokar
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 possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.
  • 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/USD 

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

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/BTC 

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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