All about Crypto & Blockchain

Ether Sheds Nearly 3%, Stays Near Crucial $1,200 Mark.

0

Ether fell by 2.46% on Wednesday with selling pressure built from the bearish side, reversing its Monday gains. The second most popular cryptocurrency is currently trading at $1,194.

The bulls and the bears have been at play, pushing each other till gains and losses become evident. Bears have resisted further up trends and a correction in price has been recorded. Ether had tried to touch the highs of $1,229 but failed miserably as the bears took full control of the market.

Various data and charts suggest a bearish outlook. Ethereum fell through the first major support level at $1,196. It will need to move through this and $1,215 to target the first major resistance level at $1,230 and once again grace the highs of $1,234. A slip to $1,230 means bullish momentum. An extended rally would prompt the bulls to run at the second major resistance level at $1,249, with the third major resistance to be seen at $1,283.

Failure to move through the first major resistance would take ETH to $1,181 and a further fall to $1,147. Ether’s moving average is at $1,212 while the price is trading way below it at $1,194. The Relative Strength Index at 46.06 levels shows that the market is currently indecisive and a breakout is needed for further direction.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More