Can Ethereum Test the Mark of $350 in Coming Days?

  • Ethereum turns bearish after testing the major huddle of fib level 0.618($420), CMP at $380.38 with the loss of -2.38% in the last 24-hours 
  • The pair of ETH/BTC drops -2.95% stands at $0.02866423 BTC
Source: tradingview

The monthly chart of Ethereum records the level of $316 and $420 lows-highs respectively over the chart. The coin faced major rejection at fib0.618 ($420) acting as the strong resistance for it. After testing the level $316 the price recovery pulls the coin in an uptrend making the higher top and lower bottom which indicates the positive movement in ETH had during the previous bullish rally. 

After breaking the support of $395, the coin slipped more recently trading at $380. The level of $375 acts as the minor support if breaks then $351 mark acts as the strong support for it. On the other hand, a level $395 will now act as the resistance followed by $420. The volume recorded in the last 24-hours is $14,094,164,343 while the digital asset stands with the market cap of $42,730,305,744. The price dropped around -9.30% over the past seven days indicating the damage done by the bears.

Source: tradingview
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The Moving Average Convergence & Divergence (MACD) gives several indications about the coin, firstly it gave a negative crossover near the resistance level and a  sharp negative divergence is observed, however, the short-term average (RED) line made an attempt over the long-term (BLUE) line but fails to cross it as the magnitude of the red line is more.

Source: tradingview

The Relative Strength Index (RSI) currently stands at 33.92 tradings near the oversold region followed by bearish momentum also fails to rebound.

The Commodity Channel Index (CCI) slips sharply from the overbought zone after breaking below the level of $395. Currently, trading at -120.12 sustaining near the normal zone and looking vulnerable for a negative dive to the oversold region again.

Support levels: $375 & $351

Resistance levels: $395 & $420

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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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