Ethereum (ETH) Price Analysis: Bulls May Fade Away If ETH Continues Under $275

  • Since the beginning of the month, ETH has made unsuccessful attempts to exceed the $ 300 main mark
  • If it stays below the price of $ 275, the bears can bring it back to $ 200.

As the chart indicates, after breaking a $ 280 mark to reach $ 300, ETH bulls could not sustain it. After it reached $ 282.50, it received price corrections on several occasions, but in a small size.

Now the cryptomarket assumes ETH has kept between $ 250 and $ 275 for a longer duration than expected. This can help the bears to significantly reduce the price of the second largest cryptocurrency in the world.

Ethereum currently costs the price of $ 270.37 with a market capitalization of $ 29,695,522,987 and the traded 24H volume is $ 19,565,838,567. The current price of ETH / BTC is 0.027 BTC.

Ethereum was able to sustain the support level of $ 255, but somehow failed to overcome the resistance of $ 275. It can be said that after a total increase of 127% from low to high in 2020, Eth is in the consolidation phase.

Also against BTC, ETH struggles between 0.0278 BTC and 0.0260 BTC. A break in the price range would help ETH to come out of consolidation.

Source: Tradingview.com

The technical chart also suggests that ETH has confirmed consolidation with the cyclical up and down trend between $ 255 and $ 275.

The RSI is currently going up and is around 55. If RSI tends to go up, this will be a positive sign for ETH bulls.

CCI was also confronted with a negative deviation from the overbought region, which is also preferred ETH bulls.

MACD levels show that a small bullish pattern is building up for ETH in the cryptomarket.

Resistance level: $ 270 and $ 290

Support level: $ 255 and $ 235.

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