BTCUSD is moving in the range of $7,600 – $7,800 since the beginning of the week. ETHUSD is trading in the range of $191 – $198. This trading within a range might go on for all the top cryptocurrencies till the BTC reward halving in May. The charts for Litecoin LTCUSD, Ripple XRPUSD, BCH, etc. all point to the same fact.
Analyst groups, the world over are divided as to the direction of the movement post the Bitcoin halving. Some say that the top 10 cryptos will rise significantly, with Bitcoin being the top gainer. Another group feels that the prices would come spiraling down. And both the claims are backed by strong logic.
ETHUSD technical analysis
Let us look into the technical chart of ETHUSD, starting with the hourly chart. Source: TradingView.com
ETH has rebounded from below the $200 level quite a few times. Although Ethereum appears to be in an uptrend in the long run, ETHUSD has faced stiff resistance at the $198 mark.
Another important observation from the hourly timeframe of ETHUSD is the spikes in the volume are associated with red candlesticks.
From the looks of it, ETHUSD whales expect prices to go up
Let’s take a look at the four-hour timeframe for the ETHUSD. It can be seen that Ethereum is trading much higher than its 50 and 200 simple moving averages.
The volume traded has been relatively low, while the price has swayed. It points to the fact that lately, there was a negligible presence of whales to manipulate the market. It could be an indication that they are expecting the prices to move higher post the halving.
For now, it would be prudent to hold or, if possible accumulate ETHUSD.
