ETH Price Analysis: Near Term Support Holds at $200 on ETH/USD Amid Expected Halving During the Transition to Ethereum 2.0
King Altcoin and 2nd digital asset by market cap Ethereum posted a fresh high of $227.50 with a low reverse hit of $202.30 on April 30 in the course of a swift downward reversal which accompanied a steady crypto-currency rally. ETH, nevertheless, quickly regained support at the time of publishing and stabilized beyond $210.00. ETH/USD remains constant daily, posting a 4 percent growth from the day’s onset. Market capitalization for Ethereum has dipped to $23 billion, while an estimated daily volume of trading has stabilized at $22.7 billion. As said by Ethereum co-founder Vitalik Buterin, after Ethereum 2.0 comes online, the issuance of the ETH would be substantially reduced. Conversing with POV Crypto in the podcast called “Internet Money,” he clarified why the team had opted to improve the process of consensus to Proof of Stake. He forecasts a reduced ETH supply amid expected Halving during the transition to Ethereum 2.0.
*ETH/USD remains constant daily, posting a 4 percent growth from the day’s onset
*Market capitalization for Ethereum has dipped to $23 billion, while an estimated daily volume of trading has stabilized at $22.7 billion.
*As said by Ethereum co-founder Vitalik Buterin, after Ethereum 2.0 comes online, the issuance of the ETH would be substantially reduced
Resistance Levels: $250, $240, $230
Support Levels: $200, $190, $180
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Ethereum price increased the bullish activity beyond $225 after an impressive rebound beyond $200. A fresh April High was established at $227, but as a decline emerged soon simultaneously, the price did not remain up for a long time. Ether is holding steady at $212, since sustaining a slight rebound at $200 from the recently formed support.
The current trend is bullish as well as notably the RSI retaining the surface beyond 65, ETH/USD may potentially move closer to short-term resistance and initiate a further $220 assault; targeting to overcome the $230 bearish confluence zone. The position of bulls in the pilot seat remains intact amid Thursday’s reversal from the highs.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
ETH/USD increased in today’s trading from $206.23 to $217.58, after a brief bearish Thursday. The price shifts in attitudes in the formation of an upward trendline and have initially met resistance on the upward trendline and at $217 level. ETH/USD has two levels of support on the downside, at $190.00 and $180.00. The RSI has dropped off the overbought region and is steadily moving near 50.55, although the 50 MA and 200 MA have consistent upward green sessions.
On its upside, the bulls’ ride towards another path next at $250 may require a break beyond the horizontal resistance at $230. Other primary regions of support as seen on the 4-hour chart in the near term include the $200 at 50 MA and $166.40 at 200 MA. Nonetheless, investors are inclined to stay bullish towards the cryptocurrency whilst market price is beyond the level of $200.00.
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