Ether Climbs To $375.00 As Overall Market Conditions Turns Bullish

• The positive move for Ether is back as it reached the support level of $360.00 during its downturn
• The ETH/BTC pair is also performing significantly positive with a gain of 1.34% bringing the current level to 0.03285819 BTC
• As Ether targets the price level of $380 now, BTC is also aiming for the level of $11500 at the same time.

The weekly chart of Ethereum highlights the significant downtrend faced by the price levels after reaching the critical resistance area of $395.00. The negative momentum forced the coin to drop to the support level of $360.00. Currently, the cryptoasset is moving positively with a gain of 2.00% bringing the CMP at $376.07. The market capitalization stands at $42,517,822,278 with the volume traded of $12,023,615,216. Ether might face a minor resistance at the price mark of $380.00 during the current positive move.

Technical Levels Recovers For Ether

The technical chart reflects on the significant downtrend faced by the world’s second-largest cryptoasset during the past month which is later followed by price recovery action this month. However, the recovery action still hasn’t able to broke above the crucial mark of $400.00 for ether this month also. The major resistance placed at 0.5fib level is one of the main barriers to price growth. The current positive move was halted by the resistance placed at 0.382fib level and the levels are looking to sustain above 0.236fib level.

The directional movement index is gradually improving the levels with +DI(24.45) remains above ADX(18.25).

The commodity channel index is also improving the levels after reaching the depth of the oversold region and currently stands at 71.73.

The relative strength index has avoided the downfall to the oversold region which can be a positive sign for the cryptoasset. The current level stands at 56.46.

Can Ether Target $400 with this Positive Move?

The major target set for ether of $400 is still looking for as of now considering the major resistance placed at $390 and $395 respectively. The price behavior between the range of $390-$395 will only decide whether it will be able to break above $400. The technical levels and overall market conditions are gradually improving for the digital asset in the market.

RESISTANCE LEVEL: $380, $390 & $395

SUPPORT LEVEL: $370 & $360 

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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.