Ethereum Price Analysis: ETH/USD stalls under the 50% Fibonacci as Bitcoin halving goes by unnoticed
|- Ethereum price recovery delayed by the resistance at $190 and the 50% Fibonacci retracement level.
- Bitcoin halving passes by without much hype as prices stabilize across the cryptocurrency market.
Ethereum bulls are keen on nurturing a bullish trend following the recent dip to $180. Recovery was steady on Sunday with ETH/USD stepping above $190. However, selling pressure has continued to limit gains towards $200. Meanwhile, Ethereum slipped under $190 level and is valued at $187 at the time of writing. Buyers are battling the resistance at the 50% Fibonacci retracement level taken between the last swing high of $292.51 to a swing low of $90.96.
Both Ethereum and Bitcoin appear to be battling the strengthening grip of the bears. Bitcoin halving already took place but the price level remained relatively unchanged dancing between the last $8,500 and $8,700. A pre-halving rally saw Bitcoin rise to levels above $10,000 last week as Ethereum shot up to $227. However, Bitcoin led the crypto market in dumping on Sunday with losses hitting $8,100 while ETH/USD testes $180.
Ethereum technical picture
Ethereum is trading above the moving averages where both the 50-day SMA and the 100-day SMA are likely to offer support at $175. A golden cross is likely to form with the 50 SMA crossing above 200 SMA. This pattern could signal a return of the bulls in large numbers and eventually pull Ethereum towards the coveted $300. The RSI clearly shows that the existing trend is neither bearish nor bullish; sideways trading action could take precedence in the European session.
ETH/USD daily chart
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