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- Ethereum after a most awaited breakout above $1430 is now trading on the new lifetime highs and holding the level of $1600
- The pair of ETH/BTC is trading at 0.04399 BTC with an intraday gain of +1.19%
Ethereum rally continues and hits an all-time high of $1690 while marginal correction of about -2.04% is observed from its highs. Presently ETH is trading above 20,50,100 and 200-Day Moving Averages, whereas the 20-DMA ($1380) is acting as minor support on lower. Major support on the downside is placed at $1045 and $720. Meanwhile, the resistance on the higher side is placed at $1690 and $1740. Ethereum is trading on an all-time high, and no major hurdle is situated on the higher side.
Ethereum on the daily chart is trading near the minor resistance of $1690; however, it is presently holding the crucial levels of $1600 on a short term time frame. The daily chart support is placed at $1550 and $1400; likewise, the resistance can be considered $1690 and $1730. Currently, Ethereum is trading at $1640 with a minor gain of +0.35%. The volume traded in the last 24-hour period slipped over -10.66% standing at $41,271,842,136. The market capitalization stands at $188,832,682,050, with an overall gain of +1.69% in intraday. Some correction till $1490 and $1400 is expected as ETH trading near the overbought zone.
Relative Strength Index (Bearish) indicates a Bearish momentum while trading at 63.06. However, it is currently heading towards the oversold zone after testing overbought territory, and some correction is expected as it is placed near the overbought zone.
Moving Average Convergence Divergence (Neutral) currently indicates a neutral trend on the daily chart as giving a mixed crossover of buying signal line (green) over sellers line(red) with no sign of confirmation.
Support levels: $1045 and $720
Resistance levels: $1690 and $1740
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.
