Ethereum Market Update: ETH/USD enters into consolidation above $150
|- Ethereum price plunges from monthly high at $176 only to find support at $150.
- ETH/USD is likely to remain stable above $150 based on the sideways trending RSI.
Ethereum price is trading at $153 on Easter Monday. The Asian session has been characterized by increased selling pressure. ETH/USD has thinned by 3.3% on the day from an opening value of $158.81. The strengthening bearish grip has ensured that no progress has been made to the north with $158.81 staying put as the intraday high.
The hourly chart shows the price doddering under the moving averages. Moreover, the 50 SMA has crossed below the 100 SMA, further cementing the selling action in the market. A ray of hope is emanating from the RSI’s ability to defend the support at 30. Besides, a sideways action at levels marginally above the oversold region hints towards possible consolidation above the initial support at $150.
Consequently, the MACD shows that selling activities could continue in the coming sessions. Sellers are encouraged by the bearish divergence from the MACD to keep their activities going. However, as long as buyers hold onto the support at $150, they will have ample time to focus on a recovery above $160.
ETH/USD 4-hour chart
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