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
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