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Ethereum Price Analysis: ETH/USD battles the 50% Fibonacci resistance, just how long will consolidation last?

  • Ethereum price is poised for a massive bullish action triggered by a golden cross pattern.
  • Two-thirds of Ethereum holders looking forward to stake their coins after Ethereum 2.0 launches.

Ethereum price fell in tandem with Bitcoin plunge over the weekend. The second-largest coin spiraled below key support areas including $200, $195 and $190. Bearish action extended farther down and tested support at $180 before a reversal came into the picture. ETH/USD is trending 1.31% higher on Monday during the Asian session. It is valued at $190 slightly below the intraday high at $191.25. An improving bullish trend is likely to push ETH/USD towards the critical at $200.

Majority of Ethereum holders to stake their coins

At least 66% of Ethereum holders are planning to stake their coins after ETH 2.0 launches according to ConsenSys, an Ethereum-based blockchain firm. A report released by ConsenSys suggests that holders who plan to run their own validator nodes are likely to earn lower annualized rewards in comparison to those who stake utilizing third-party providers. Holders who chose to stake through third-parties could make an annual return of 7.6% while those executing using their own nodes anticipate an annual reward of 5.8%.

Ethereum technical analysis

Ethereum is balancing above $190 while immediately battling the resistance at the 50% Fibonacci retracement level of the last drop from $290 to a low of $90. The most likely direction of the price is sideways as observed by the leveling RSI at 50 (average). Interestingly, the MACD has stayed within the positive region in spite of the dire drop. This shows that bullish pressure is still present and if nurtured, it can catapult ETH/USD towards $200.

ETH/USD daily chart

ETH/USD price chart

Ether is also trading above the moving averages. Besides, the 50-day SMA looks forward to crossing above the 200-day SMA. In other words, a golden cross is a bullish signal likely to result in massive gains above $200.

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Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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