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Will ETH Price Slip Below INR 2,00,000?

Will ETH Price Slip Below INR 2,00,000?


Key Takeaways

  • The ETH price closed the previous days close at INR 2,53,495.11 with a market capitalization of INR 39405 Crores and a circulating supply of 120,192,745.37 ETH
  • Ethereum was expected to slice through the resistance but the extreme rejection may lead to a short-term price plunge which may test the lower support at INR 235232.65 once again
  • Despite the price attempts a flip, no clear indications of an uptrend are seen as of now, and hence the price may be accumulated within narrow ranges again

Ethereum(ETH) Technical Analysis for Today: 01 April 2022

The Ethereum price had displayed significant bullish momentum in the past couple of weeks after a strong flip from its monthly lows. Despite a 35% rally, the price still closed the monthly trade on a bearish note which may be extended for some more time. And hence the asset could drop more to revisit the lower support close to INR 2,35,232.65 again before the daily close. No doubt the price could ignite a flip, yet may not be supported by the bulls.  

Ethereum(ETH) Technical Analysis at a Glance

The Ethereum price has maintained strongly above INR 1,89,703.75 in case of any descending trend throughout the previous month’s trade. And hence a spike beyond INR 2,65,585.25 was eagerly looked upon. However, the asset flipped the bullish trend and if it failed to hold at INR 2,40,392.59 then a significant downtrend may drag the price even below INR 2,27,644.50 too. 

Short-Term The short-term is pretty bearish with the price may continue to plunge to test the lower support where-in no strong chances of a flip are seen
Mid-Term A similar scenario is witnessed here with the price sliding down heavily displaying tremendous loss in the rally strength
Long-Term After hitting the higher levels, a significant descending trend may make its way out that may drag the price below $3000 levels too

Additional Read: Ethereum Deep Dive.

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 35.84 / 61.58 Sell / Buy
MACD(12,26) -2150.6 / 9780.37 Sell / Buy
Average Directional Index(ADX) 28.45 / 63.21 Sell / Buy
Bull-Bear Power -6668.35 / 15457.95 Sell / Buy

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 INR 2,60,841.68 INR 2,25,513.57
Moving Average(MA)-200 INR 2.52434.15 INR 2,76,601.13
Resistance INR 2.57,997.10 INR 2,75,095.48
Support INR 2,36,294.99 INR 2,14,365.24

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 97.91 95.54
Ultimate Oscillator 56.01 52.41
Average True Range(ATR) 3274.23 9900.24
CCI -112.80 60.72

The Ethereum price has fallen below the pivotal levels manifesting a huge bearish trend. Also, indicators like RSI, MACD, both the oscillators & CCI are extremely bearish with a weaken highly-volatile rally.

Despite the current price slash, the asset remains bullish in HTF indicating the current pullback could be a short-lived one. And hence after a significant consolidation, the asset may be primed for a strong rebound.

ETH /INR Technical-Analysis for Short-Term

Source: Tradingview

  • The asset had maintained a strong uptrend line ever since the asset flipped the bottoms below INR 2 lac. 
  • Woefully, the uptrend line was broken heavily as the price slid down by more than 10% and despite a rebound fail to make out above the trend line
  • The asset once touched the lower and immediate support around INR 2.4 lac and quickly flipped, but is currently consolidating below the trend line which is a matter of concern
  • Therefore, if the price fails to clear these levels, it may again plunge towards the lower support again and after forming a double bottom pattern, a significant flip may be ignited

Additional Read: Solana vs Ethereum

ETH/INR Technical Analysis for Long-Term

Source: Tradingview

  • Ethereum is currently in a very tricky situation where-in a huge swing may be imminent regardless of the direction of the rally
  • The price remained above INR 2,42,820.80 and is currently attempting to halt the descending trend by accumulating strength. Therefore, the rebound appears to be fast approaching. 
  • However, despite a rebound being kick-started, the asset may not reach the required resistance at INR 2,57,997.10 at a stretch which may include a couple of pullbacks and consolidation
  • And hence by the end of the current week, one can expect an 80% recovery from the recent losses which may further ignite a suitable uptrend ahead

Where & How to Buy Ethereum(ETH coin)

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to .
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 



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