Bitcoin was the highlight in the cryptocurrency space so far. However, the second biggest crypto slowly crept up, when no one was, not even the whales.
ETHUSD gained more than 22% in the past three weeks, which is much higher than BTCUSD. Investors who stayed with Ethereum benefitted hugely.
ETHUSD up for upgradation soon
The upgraded version to Ethereum known as Ethereum 2.0 or ETH 2.0 has been doing the rounds for some time now. The co-founder, Vitalik Buterin, delayed the launch a couple of times now. With the current conditions, it looks as if the launch might get delayed again.
Nevertheless, ETH 2.0 promises to be a disruptive network. It is supposed to be faster, more secure, and less resource-heavy. Several investors and enthusiasts are waiting impatiently for an upgrade.
Technical analysis and price prediction for ETHUSD
Although Ethereum surpassed Bitcoin in percentage terms recently, the current technicals point to a Bearish momentum.
Source: TradingView.com
The four-hour timeframe shows that ETHUSD is trading in a range since June 3. The past four trading sessions ended in the net selling of Ethereum.
The RSI or Relative Strength Indicator is pointing downwards. It suggests an increased selling pressure, and this could drag prices further down.
The region till $245 will be a stiff resistance zone. Ethereum retested this level earlier as well. ETHUSD is expected to retest this level again soon. If the momentum is enough to push past $245, ETHUSD will likely have a new support zone. It would help it dash past $250.
The silver lining for ETHUSD
Some of the Technical indicators do paint a sharp picture for Ethereum. ETHUSD is just above the 50-period Simple Moving Average, which will likely act as a short term support level. Moreover, the EMA line in the Bollinger Bands is also another sturdy support.
An increase in the traded volumes could push ETHUSD towards the much-awaited $250 range. However, once Ethereum crosses, $250, one can expect decent Bearish momentum!
