Ethereum (ETH) defies bear market to stay in the green

Ethereum is among the few assets that are dancing slightly in the green.
The Relative Strength Index (RSI) has resumed the uptrend.

John Isige FXStreet

The market is mixed red and green on Friday and Ethereum is among the few assets that are dancing slightly in the green. The crypto started the year on a good note with gains that stepped above $150 in addition to surpassing Ripple’s XRP to become the largest altcoin in the market.

The price is seen hovering around $153 after a 2.53% rise on the day. Other assets like Bitcoin and Ripple’s XRP are showing signs of recovering from the new year slump. Before the correction from the 2019 high that touched $160 on January 3, ETH/USD had made a nice move from its support at $130. It sustained growth above the trendline on the in the 2-hour range before coming to a halt short of $160.

A broader look at the chart shows that bulls are staging a steady come and that it is likely that Ethereum could retest $160 in the course of the day. Besides, it is trading at $154, although it opened trading below $150. The Relative Strength Index (RSI) has resumed the uptrend from 48.57 to the current 65.57.

The indicator is in an upward sloping momentum emphasizing the bulls have the control. However, there is a mixed message from the Moving Average Convergence Divergence (MACD) which is heading south from the 2019 high at +4.95. This means that the bulls must find support above $160 to avoid a reversal below $150.

ETH/USD 2-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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