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

  • Volatility is slowly creeping back into the market following a period of stability.
  • Selling pressure is rising; MACD is retreating downwards.

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.

ETH/USD 15’ chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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

BTC/USD trapped under short-term trendline

Bitcoin (BTC) is changing hands at $9,750, mostly unchanged both on a day-to-day basis and since the beginning of the day. The first digital asset recovered from Monday's low of $9,469, however, an upside momentum faded away on approach to $9,800. 

More Bitcoin News

NEO/USD bullish following Binance Futures support

NEO is in the green on Monday during the European trading session. The bullish momentum is taking action after a couple of days of the bulls enduring battering from the bears.

More NEO News

ETH/USD tug of war at $270 intensifies as $280 beckons

Ethereum managed to stay above the support at $240 during the bearish Monday. Also contributing to the support was the long term ascending trendline. The recovery from the support has been steady enough to hit levels slightly above $270. 

More Ethereum News

Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. 

More Ripple News


Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast