Is Ethereum Ready to Participate in Bull Run Standing at $400?

  • Ethereum bounced from its support of $375 and had a positive breakout from the falling channel pattern formed over the monthly chart
  • The pair of ETH/BTC also performed well standing at 0.02914804 BTC with a gain of 3.39%
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source:tradingview

Over the monthly chart, Ethereum gives a positive breakout from the falling channel pattern targeting the upper level of $447. The coin gets corrected from the resistance level of $420 after making it as a new monthly high and got a positive bounce from the support level of $375. Currently, it is trading at the level of $400 with a gain of +3.71% over the last 24-hours. The volume traded in the last 24-hours is $12,670,651,978 while market capitalization stands at $45,354,553,905.

The coin is currently standing near its minor resistance at $400 and the major resistance is at $420. On the other hand, the price levels of $375 and $350 are playing the role of the major support level for it. The digital asset dropped over -1.93% in the last seven days. On studying the monthly chart, after making a low of $316, ETH is in positive momentum as making higher highs and higher lows indicating the bullish movement in it. 

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source:tradingview

The Moving Average Convergence & Divergence (MACD) gives a positive crossover over the long-term average line (RED) with the short-term line (BLUE) supporting the positive momentum in it.

e3
source:tradingview

The Relative Strength Index (RSI) is making the ascending channel pattern with rising support over the chart and currently trading at 53.20 and trying to sustain in the bullish region. However, gets sharply corrected from the upper level.

The Commodity Channel Index (CCI) is currently trading at 4.87 levels which is under the neutral range. However, it also makes the rising channel pattern indicating the bullish nature of the coin.

Support level: $375 & $351  

Resistance level: $400 and $425

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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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