The Ethereum price is approaching a crucial support level which could take the second digital asset to the downside.
Ethereum (ETH) Statistics Data:
Ethereum price now – $1,591
Ethereum market cap – $194.6 billion
Ethereum circulating supply – 122.3 million
Ethereum total supply – 122.3 million
Ethereum Coinmarketcap ranking – #2
Resistance levels: $2100, $2300, $2500
Support levels: $1200, $1000, $800
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As the daily chart reveals, ETH/USD is currently trading down by 7.30% at its current price of $1,591, which marks a notable decline from its daily high of $1,761 that was set today when the bulls attempted a slightly positive move. In the past few hours, the Ethereum price has been able to find some support around the $1,570 level.
Ethereum Heads to the South as Tamadoge Trades Bullishly
After touching the daily high at $1,761 a few hours ago, the Ethereum price is currently facing the downside. However, many traders were expecting the coin to resume uptrends as the 9-day moving average still remains above the 21-day moving average. However, the Ethereum price is currently hovering within the 9-day and 21-day moving averages but currently trading towards the south.
Moreover, a bearish drop below the lower boundary of the channel may roll the market down to the support level of $1200, $1000, and $800 while a possible bullish surge could drive the market above the moving averages to hit the resistance levels of $2100, $2300, and $2500 which could further provide bullish signals for the market. Meanwhile, the Relative Strength Index (14) is facing the negative side, and staying there may cause the coin to touch the $1300 support level.
Against Bitcoin, the Ethereum price is currently facing the upside as the bulls are yet to take over the market. As it is, ETH/BTC is currently trading at 7910 SAT and the bulls couldn’t push the price above the daily high of 7997 SAT. However, if the market drop below the lower boundary of the channel, the next key support may come at 6500 SAT and below.
ETHBTC – Daily Chart
On the upside, any further bullish movement could push the market towards the upper boundary of the channel to visit the resistance level of 9000 SAT and above. Similarly, the Relative Strength Index (14) is moving above the 50-level, suggesting that the market may follow a bullish movement.
The Tamadoge team said that the move aims to make investing in TAMA easy and safe. These users can be confident in transferring fiat into crypto, hence the need for Tamadoge to secure this deal with Transak. One of the strongest pillars of any project in the web 3.0 & crypto sector is having a solid team to see the project succeed. The TAMA website has revealed Thomas Seabrook as the Tamadoge lead developer and Carl Dawkins as the head of growth. The other members of the Tamadoge team include Neil Palethorpe and Siphamandla Mjoli, who have joined as the Senior Interaction Designer and the Senior Blockchain Developer, respectively.
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