Ethereum (ETH) Slips With the Whole Market Time to Buy or Sell?

  • Ethereum (ETH) dips to the price levels of $572.89 intraday as the profit booking is seen in the markets. 
  • The crypto king also trading near $18,800 with the dominance of 62.8%
  • The pair of ETH/BTC is trading at 0.03061977 BTC with an intraday loss of -1.08%
source: tradingview

Ethereum (ETH) on the monthly chart indicates an uptrend as the whole market is in bullish momentum. However, on the higher side, it faces strong resistance at $620 and has tested multiple times but fails to clear it. While testing a level of $620 multiple times, it also hits a new 52-week high of 635.15 but fails to hold, and profit booking pulls it down to the levels of $485, but it bounces from these levels, and price recovery pulls it upwards. Some small dips are also observed to the $560, which can be considered the minor support for coming trading sessions. ETH at current levels is trading below the 9, 21, and 50- Day Moving Averages, which is the indication of a bearish trend for it, Whereas it is facing rejection from the upper sloping line. Resistance on the higher side is placed at $635, and long term resistance is $830. On the lower side, support is placed at $485 and the strong support at $370. 

source: tradingview

The daily chart of Ethereum (ETH) is trading in a downtrend and facing the upper trend line’s resistance and fails to sustain above the 9-Day moving averages line. Currently trading at the price level of $572.89 with intraday loss of -2.85%, supported by intraday volume is$11,976,665,245 and market capitalization stands at $65,680,705,489, in intraday it finds support at $560 and resistance at $600. So at current levels buying can be avoided but can buy at dips to the support levels.  

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The Relative Strength Index (RSI) which indicates ETH’s strength, is trading at 28.23 and still heading towards the oversold zone after a sharp fall from higher levels.

Directional Movement Index (DMI) is trading with a significance of -DI over +DI, indicating bearish momentum.

Moving Average Convergence Divergence (MACD) indicates the trend, and currently, it indicates the bearish trend on the intraday chart as gives a negative crossover with the significance of Bear’s line (red) over Bull’s line (blue) with no sign of recovery.

Resistance levels: $635 

Support levels: $485 and $370  

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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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