What is the Next Move of Ethereum Retracing From Resistance of $495.00?

  • Ethereum consolidating between the range of $445 to $490 after making a new 52-week high of $492 trading at the mark of $473.15
  • The pair of ETH/BTC turns red with minor loss of 0.15% standing at 0.02667617 BTC 
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Source:Tradingview

The monthly chart of Ethereum indicating an uptrend as it making the sequence of higher top and lower bottom pattern after testing multiple times the strong support of $365 it gave a bullish movement and makes a new 52-week high of $492, however, gets corrected from high and currently holding the support level of fib 0.236($465). ETH after correcting from the top presently trading at the price level of $473.15 with a minor gain of 0.63%, supported by the 24-hours volume of $14,608,437,888 and the total market capitalization stands at $53,698,303,269.

The significant levels which will act as the supports and resistance can be considered as fib 0.236($455), and fib 0.393($365) will serve as the significant supports levels, while on the other hand, the resistance level will be $495. 

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Source: Tradingview

The Relative Strength Index (RSI) after testing the overbought zone declined sharply, indicating that ETH on higher levels are unable to sustain and faced rejection on the higher levels. The RSI is currently trading at the level of 52.45 and still moving towards the oversold zone supporting the bearish trend in it.

The Commodity Channel Index (CCI) after a sharp spike from the oversold region made a sharp recovery. It tested the overbought territory again, however, gets corrected from higher levels indicating unsustainability near the resistance of $490. It was trading at +15.48 levels heading towards the oversold zone. 

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Source:Tradingview

The Moving Average Convergence & Divergence (MACD) after a positive crossover gave a bullish signal. Still, on the chart, it gave a bearish sign as the Bull’s line (blue) suppressed by Bear’s line (red) considered as the negative signal of Ethereum. 

Support levels: $455 and $365

Resistance levels: $495.

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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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