Ethereum Price Analysis: ETH/USD breakdown eyes $190, ETH 2.0 staking the ultimate store of value


  • Ethereum price is struggling with resistance at $200 after refreshing support at $195.
  • Ethereum staking will allow investors to earn a return on investment while securing the network.

Ethereum price is slightly in the green following attempts to correct from the dip to Friday’s low at $196.22. The prevailing trend is strongly bullish and the expanding RSI means that rapid price actions are still possible in the coming sessions. ETH/USD is exchanging hands at $199.42; slightly above the $198.55 (opening value).

From Monday, Ethereum bulls fought tooth and nail to break the resistance at $220. It became increasingly difficult to sustain gains above $210 after hitting a snag at $216. This called for more losses as bears got more confident. Tentative support areas at $205 and $200 did little to stop the losses. Fortunately, the buyer congestion at $195 came to the bulls’ rescue.

The technical picture has started to turn bullish after the $195 support. The RSI has slowed down the negative gradient movement and is now horizontal at 51. As long as the indicator stays above 50 (average), sideways trading could lead to a consolidation around $200; a situation that is preferable to the buyers as opposed to suffering more losses to $190. Apart from $195, other support areas of interest to Ether include the confluence formed by the 50% Fibo and the 100-day SMA, the 50-day SMA and the zone between $175 and $180.

ETH/USD daily chart

ETH/USD price chart

Ethereum token dynamics

Ethereum network is moving closer to the launch of ETH 2.0 which will introduce features such as staking for investors, expanded transaction capacity, Proof of Stake (PoS) consensus algorithm among others. After Bitcoin halving took place, attention has started to shift to Ether.

Experts now believe that the platform future as the powerhouse of decentralized apps is bright. Moreover, staking is one of the features investors are eagerly waiting for. This will allow them to earn an interest on the coins staked in the network. Staking is also good for the network as it makes sure security is heightened while making the network even faster.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Market stays strong despite yesterday's sell-off

Yesterday at 14:45 GMT, the BTC/USD pair plummeted 7.96% in just 5 minutes, dragging with it the rest of the crypto board and causing a juicy change of hands between the fearful and the convinced.

More Bitcoin News

XRP/USD is back inside the previous range, bulls defend $0.2000

Ripple (XRP) is changing hands at $0.2030. The coin has partially recovered from Tuesday’s major sell-off to $0.1970; however, the further upside seems to be limited. Ripple retreated to the fourth place in the global cryptocurrency market rating and gave way to Tether (USDT). 

More Ripple News

LTC/USD bulls lie in wait on approach to $45.00

Litecoin (LTC) has been trading in a tight range since the start of the day, consolidation large moves of the previous days. LTC/USD hit the low of $44.52 on Tuesday amid major sell-off on the cryptocurrency market and managed to recover to $46.20.

More Litecoin News

ETH worth of nearly $1 billion is locked in DeFi applications

The value of funds locked on smart contracts of decentralized finance applications (DeFi) reached nearly $1 billion after a sharp decrease in March amid global sell-off on the cryptocurrency market. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP