Ethereum price analysis: Rejected at $200; dancing with $199

Yesterday we saw a bullish correction from the resistance range between $197 - $198. Ethereum dipped towards $190 at the beginning of this week but found a support at $193.6. Volatility is slowly creeping back into the market following a period of stability.

Ethereum developers are moving fast towards the launch of the next network upgrade, Ethereum 2.0. The co-founder of Ethereum, Vitali Buterin recently said that the upgrade is not that far and is expected to make Ethereum 1000X faster. Ethereum 2.0 is expected to integrate the Proof-of-Stake Consensus algorithm and will support 1,000 transactions per second (TPS).

Read more on Ethereum 2.0 upgrade here.

In the meantime, is trading at $199.38 and is in between the 21 moving average (resistance) and the 50 moving average support, 198.92. The upswing from the range rocketed past the critical resistance at $200, tested $200.50 before changing direction south. The crypto is currently consolidating the slight gains after the price dropped below the trendline support, $199.50.

Selling pressure is rising, besides MACD is retreating downwards (currently at 0.31). The RSI horizontal movement at 60 shows that stability at the current level will progress in the near-term.