(DAILY NOTION): ETH/USD: Bulls Seem to Be Taking A Breather, Will the Bears Resurface?

After a good run, the ETH/USD bulls are now taking a breather as the price has been trending sideways. At the time of writing, it is at $1,869.08, although still trading slightly above its 50-day Simple Moving Average (SMA).

Buyers appear to be taking advantage of the bulls’ respite as the Relative Strength Index (RSI) is close to an overbought condition and presently stands at 71. It has risen rather sharply from an oversold condition of 30. From Mar 8 until now, ETH/USD has risen 8.45%. 

Source: Yahoo Finance

If the bulls resurface to take $1,890, which is a key resistance area according to analyst Anil Panchal from FX Street, the next target in sight for them would be $2,000. Meanwhile, the bears will be challenged by support at $1,650. A successful breach of this support level would open the way to a two-month long rising support line near $1,485, and further on towards the 100-day Exponential Moving Average around $1,280.

Taking a look at the broader cryptocurrency market, the total global market capitalisation has increased 6.47% over the past day, and at the time of writing stands at $1.72 trillion, based on data from Coin Market Cap. Ethereum holds 12.5% of that total market capitalisation, coming in second after the flagship cryptocurrency, Bitcoin which currently dominates 60.2% of the total. Bitcoin has rallied above $53,000 this week and has increased 14.84% over the past seven days, Coin Market Cap shows.

Meanwhile, in the Ethereum space, the Ethereum community has announced the timeline for the Berlin upgrade, which will fall on April 14. This will include four Ethereum Improvement Protocols. Could this be more fuel for the bulls to surge upwards? Or will the bears resurface to stop the bulls in its mission to rise above $2,000?

As the battle heats up, let's stay tuned.

ETH/USD (as of Mar 10, 2021, 8.30 a.m., GMT +8) - $1,869.08