- Ethereum bulls hold strong against the bulls as consolidation sets in.
- The MACD slide into the negative region hints possible slide towards 0.0200 BTC support.
After losing greatly against Bitcoin in the last few days, Ethereum price is embracing some semblance of stability above the 50-day SMA. The price teetering at 0.02296 BTC while holding within a wide triangle pattern.
On the upside, the triangle resistance continues to limit upward price action. If bulls regain their strength and overcome the triangle resistance, a breakout is expected to retest the hurdle at 0.0280 BTC.
Holding the price in position is the 50-day SMA as mentioned above. In the event that bears penetrate this zone, Ethereum could spiral to test the symmetrical triangle support. The SMA 200 is in line to offer support while the main support area lies at 0.0200 BTC (as confirmed by the recovery that commenced on March 26.
According to the RSI, the ongoing consolidation is likely to take precedence in the coming sessions. On the other hand, the trend could continue with the bearish inclination as observed by MACD’s slump into the negative region. Also emphasizing the bearish grip is the bearish divergence from the MACD.
Also read: Ethereum Price Analysis: ETH/USD struggle to secure $200 support continues