Ethereum price analysis: ETH/USD could accelerate higher; Ethereum Foundation $3 million grant benefits startups
|- The declines last week embraced the support at $190 before the price rose again towards $200.
- The RSI and the MACD are bullish; ETH/USD could accelerate higher in the short-term.
- The grant was started to support the Ethereum blockchain development ecosystem.
Ethereum short-term is bullish according to the applied technical indicators on the 4-hour timeframe chart. However, the long-term bearish trend is still limiting retracement but we will come to this in a bit. Meanwhile, the declines last week embraced the support at $190 before the price rose again towards $200. Before, the incredible pullback on Monday morning (GMT), Ethereum was trading helplessly in range unable to break the resistance at $200.
There was a widespread bullish wave across the digital asset market. Ethereum spiked up alongside other cryptocurrencies reclaiming the butchered support areas at $200 and $210. Unluckily, the failure for bulls to break above the 4-hour 100SMA resistance as well as the trendline resistance resulted in the crypto trimming gains below $210. The good news is that another short-term support was created at $205 preventing declines to the first key support at $200.
Ethereum currently exchanges at $211 after recovering slightly while supported by the 50 SMA currently at $210.21. There must be a break above the 100SMA resistance and the trendline resistance for Ethereum to witness a move above $220 and eventually attack $230 in preparation for the coveted at $250 critical resistance level. The RSI and the MACD are bullish which means that ETH/USD could accelerate higher in the short-term.
In other news related to Ethereum, the Ethereum Foundation has allocated $3 million in grant to support various blockchain startups and developers too. The grants team announced the release of $2.86 million on Monday 15. The funds have been directed to 20 separate individuals or groups on an award basis. The individuals of groups have shown commitment to diversity, scalability, security as well as usability while utilizing development tools. The grant was started to support the Ethereum blockchain development ecosystem especially for smart contracts and dApps development. The grants team wrote in a blog post on Monday:
"We would not exist without the time and energy that you put into Ethereum. While the program continues to grow, we will increasingly continue to involve more community members in the decision making process."
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