Source: coinmarketcap<\/p>\n
On the 7day-weekly chart, ether started off by breaking below the crucial level of $130. The overall downtrend in the market indicated that it will be facing negative momentum in the market for a while. However, no one expected that the downfall will be so significant that ether will be facing a critical price level of $100. <\/p>\n
Ether broke the crucial level of $100 on March 16, 2020, but suddenly had a positive push by the strong support level of $98.00. The price level reaching below $100 for ether can result in a major downfall for the cryptoasset.<\/p>\n
Another bearish aspect for ether is continuous declining market capitalization and volume traded. During the price recovery stage at the end of February, ether was at the price level of $245. The market capitalization and volume traded were $26 billion and $24 billion respectively. However, now the market cap and 24h volume traded are $14 and $16 billion respectively.<\/p>\n
Another fall below the price level of $100 will weaken the support level of $98.00 and the cryptoasset may plunge more this time. However, after breaking below the price mark of $110.00, ether is reviving its buying volume.<\/p>\n
Ethereum Technical Analysis<\/p>\n
Source: Tradingview<\/p>\n
The technical chart indicates that the level of $130 can be a good buying opportunity for investors. Also, the fib retracement level is below 0.236 and ETH have always bounced back after touching that low level. This can be a positive sign for ether for halting the downfall.<\/p>\n
The MACD levels also show that ether is getting buying volume after breaking below the price level of $140. The buying volume also attempted to reach the bullish zone and was successful. However, this has indicated that ether is now incapable of starting a positive movement in the market<\/p>\n
The 24hr-RSI also avoided a negative divergence to the oversold region by reaching the mid area of the normal territory. The positive divergence might help RSI to reach the level of 60.<\/p>\n
The 24hr-CCi has been extremely volatile in todays market. After touching the peak of the overbought region, it had a negative divergence to the normal region. However, it is still showing positive.<\/p>\n
Resistance level: $150Support level: $130 and $127<\/p>\n
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Ethereum (ETH) Price Analysis: ETH Bears Provided Price Damage To The Level Of $130 - The Coin Republic<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Source: coinmarketcap On the 7day-weekly chart, ether started off by breaking below the crucial level of $130. The overall downtrend in the market indicated that it will be facing negative momentum in the market for a while. Continue reading