The US equity markets opened handsomely today. And with that, several analysts were glued to the BTCUSD charts. Bitcoin and other top cryptocurrencies such as ETHUSD, ETHUSD, XRPUSD were replicating the move in the equity markets. However, the story is a bit different this week.
The first two days of the week saw the cryptos not following the equity markets. Neither Bitcoin nor Ethereum moved up as the markets gained more than 300 points within ten minutes of opening. However, those gains have trimmed down now.
ETHUSD price movement and prediction
The way we can look at the ETH price charts is a bit objective. The short term timeframes, such as the fifteen-minute or hourly charts, show ETH to be in a consolidated channel and occasionally bearish spells.
ETHUSD Chart, Source: TradingView.com
- First, let’s take a look at the hourly chart of ETHUSD. It can be seen that ETH traded within a range. The resistance zone around the $198 has been tested quite some times lately.
- It is in a correction phase right now. There is a possibility of the ETH prices dropping to $185.
Previous bull-runs of ETHUSD
ETHUSD Chart, Source: TradingView.com
Now, let’s take a look at the weekly price chart for ETHUSD. It is an entirely different picture in this case. Ethereum can be seen on a strong uptrend. And going by the past performance of Ethereum, this uptrend is at a reasonably early stage.
The last two Bull runs by ETHUSD caused an upward movement of 190.15% and 117.68%, respectively. The present one is at 64.72%. Therefore, the upcoming halving of Bitcoin will be crucial for Ethereum as well.
