After hitting a high of $1,872.90 mid of this week, ETH/USD has dipped and spent some time trading sideways, before it moved even lower to $1,734.62. At present however, the price has managed to climb upwards to $1,839.50. It is currently trading above its 50-day Simple Moving Average (SMA).
Meanwhile, the Relative Strength Index (RSI) has dipped slightly from 76 to 60. Currently, the Moving Average Convergence Divergence (MACD) is pointing towards a bullish trend.
Source: Yahoo Finance
The analysts at the FX Street team believe that the bears will face support at the $1,660 - $1,655 range. Meanwhile, if a bullish trend is confirmed, the bulls will face the test at $2,040, the current all-time high.
At the time of writing, Ethereum holds 12% out of the total global cryptocurrency market capitalisation of $1.73 trillion, as per data from Coin Market Cap. At present, the market cap of Ethereum is up by 2.12%, and it still retains its second position after the flagship cryptocurrency, Bitcoin.
There was a vicious fight between the bulls and the bears that began mid-week after the bulls conquered $1,872.90, and as the battle continues, let’s keep our eyes here to see who will emerge as the winner.
ETH/USD (as of Mar 12, 2021, 10.05 a.m., GMT +8) - $1,839.50
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now