Ethereum Price Analysis: ETH Value Potential For Upto 20% Gain

ETH plunged from the resistance of $1835
  • Ethereum value plunged from $1835 to $1627 on Friday’s trading session
  • The 24-hour volume in ETH is at $24,254,052,449 with a 37.0% decrease
  • The ETH/BTC pair was trading at 0.030035 BTC with a loss of 0.08%

SMA-20, 50 & 100 acts as another strong support in the Ethereum value. SMA-20 (purple) is above the SMA-50 (white), which projects a bullish trend. The price is also above SMA-100 (yellow). Investors may perceive a positive crossover in the SMA, and the price will also follow the positive trend.

RSI indicator (BEARISH), with a value of 44, indicates a sell signal in the coin. Moreover, Investors can see an upward slope from 40 to 44 in the index, and it may surge more in future trading sessions.

Support And Resistance

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The daily technical chart of Ethereum projects an uptrend. According to pivot points, ETH’s critical support level is placed at $1200. Whereas if it moves up, the key resistance level to watch is $1964. While diving into the daily chart, it completes a Doji candlestick pattern after a downtrend which represents a sharp reversal.

On Chain Flow Distribution

Source: Intotheblock

Inflow volume of USD in Ethereum has been reduced by -1.84% in the past seven days, which can represent a positive impact on traders for the upcoming trading sessions. This means that investors are showing faith in Ethereum and depositing money in the wallets of the exchanges.

Ethereum Value May Soar From Here

Ethereum value traded at $1627 with a gain of 1.52% in the last 24-hour and 10.03% down in the weekly time-frame. Furthermore, ETH plunged from the resistance of $1835. In contrast, the market capitalization stands at $185.23 billion. Technically, investors can perceive a positive crossover in SMA. Moreover, the price movement can be towards the resistance of $1964.

Resistance: $1964

Support: $1200

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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