- Ethereum is seeking higher support; preferably above $230 even as consolidation takes over.
- ETH/USD is generally in the hands of the bulls as observed from the 50-day SMA and the 200-day SMA.
Ethereum suffered greatly at the hands of the bears in the last couple of days. The second-largest cryptocurrency made a run for $250. However, due to an increase and the frequency of the selling pressure at the level, ETH/USD spiraled massively. Bulls were only able to catch their breath at $227, owing to the buying pressure at the 50-day SMA ($223.33).
Meanwhile, Ether has a market value of $232 at the time of writing. The push over the last 12 hours has been to keep the price above $230. Establishing support above this level would allow buyers to regain control of the price without the fear of another devastating free-fall. Gains above $240 and eventually $250 remain the bulls’ goal for the remaining days before June ends.
For now, the technical picture shows Ethereum has the potential to hold above $230 in favor of a period of consolidation. The RSI in this case is moving sidelong at 50 (average level). Moreover, the MACD puts emphasis on the possibility of the sideways trend taking precedence in the near term.
Generally, the technical picture is in the hands of the bulls, although consolidation carries more weight. For instance, the 50-day SMA gap above the longer-term 200-day SMA continues to widen. This clearly shows that the likely winners of the tug of war are the bulls.