Ethereum is Trading Under the Critical Area Turns Green After Bounce from Support Line

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  • Ethereum (ETH) is trading under critical area after facing the resistance of the sloping line placed below the 50-Day Moving Average.
  • The pair of XRP/BTC is standing at 0.03065132 BTC with an intraday gain of +2.49%
Source: tradingview

Ethereum (ETH) after a bullish movement is now trading under the critical area. After a bullish rally in the crypto market, Ethereum hits its new 52-week high of $635. A sharp profit booking is seen in it where it re-tested the rising support line and again bounced back is seen, but at higher levels, a supply zone is created where it is unable to sustain; as a result, it slips from there. Currently, it is training under the 50-DMA, which indicates its bearish nature for the short term. For a bullish move, it must trade above 50-DMA and must break the upper resistance line. The support on the lower side is placed at $495, and $375 can be considered as strong support. On the higher side resistance is placed at $635.

Source: tradingview

The daily chart of Ethereum (ETH) is trading under the range of $548 to $57, and currently, it is trading under 9, 21 and 50-Day moving averages. ETH is trading at $558.23 with a marginal gain of +1.82%, supported by the volume traded in last 24-Hours of $13,053,634,879 and the total market capitalization stands at $63,594,508,736. While in the last seven days it losses over -7.72%. 

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The Relative Strength Index (RSI) indicates the strength of XRP is trading at 38.70 trading flat after testing the overbought zone. 

Directional Movement Index (DMI) is trading with a mixed-signal as +DI and -DI not providing a clear signal for the short term, however the significance of -DI is moreover +DI.

Moving Average Convergence Divergence (MACD) indicates the trend. 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) indicating the bearish trend for the short term. 

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Support levels: $495 and $375 

Resistance levels: $635

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Pratik Chadhokarhttp://www.thecoinrepublic.com
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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