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- Ethereum, at the time of writing of this analysis, was trading below $200 at $197 with intimidation of a bearish crossover anytime soon, today
- ETH price has dropped to $197 from trading around $199 in the opening hours, today and therefore, the intraday is likely to draw a bearish crossover
- Also, due to prevalent of moderate volatility, Ethereum is likely to have an intraday rebound soon as the market is quite a gainer today
- On the 12-hourly chart, ETH coin has retained support from 50-day and 200-day daily Moving Averages
Ethereum price trend has been experiencing a continual spike, and it was just around the weekend when it crossed above 38.20% Fib retracement level. Moreover, it was just in the mid of the previous week, when ETH regained 200-day MA support after hitting around $185 after over a month.
Ethereum Price Analysis
On a 12-hourly chart, Ethereum is seen extending its gaining momentum against the US Dollar as it breached a 6-week long resistance briefly at $200. After gaining an intraday momentum over the mid of the last week, ETH coin managed to regain 200-day MA support, which had previously lost as the price steeply slid below 61.80% Fib Retracement level in March. Having gained the momentum, the coin managed to rise and have a bearish trend aversion, with bulls becoming stronger.
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Having said that, it is also important to the point that though a gradual rise was unseen until now because it is just today when BTC had marked its presence around $7.8k after a subtle price accumulation.
While, if we see an even emphasized chart of Ethereum, we see a notable uptrend since April 22. The 20-day Bollinger Bands laid are seen squeezing, and the price trend of ETH/USD is likely to breach either of the extremities, which we believe will be hitting through the upper BB, as per the current momentum.
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However, As per ETH Price Prediction and market exprts, the MACD is appearing to take a bearish divergence as the price has plummeted from $199 to $197, while RSI is as such not holding a trading extremity at 54.08.
