Ethereum Price Loses Steam At $200: A Massive Selloff In The Offing as ETH Longs Surge On Bitfinex

ETH/USD price chart
ETH/USD price chart by Tradingview

Ethereum Price Loses Steam At $200: A Massive Selloff In The Offing as ETH Longs Surge On Bitfinex

  • Ethereum retreats slightly from the intraday high at $201 to seek a high support.
  • Applied technical indicators send positive signals but low volume hampers price action.

Ethereum price followed in Bitcoin’s footsteps stepping above $200. Bitcoin surged to highs close to $9,400 but Ethereum bullish momentum fizzled out at $201. The recovery is happening after several days of consolidation in a narrow range between $188 and $192. Ether had also recovered from the weekend and May low at $180. However, the path to $200 remained hampered by increased seller dominance.

At the time of writing, Ether is valued at $198. The minor retreat from $201 (intraday high) is to confirm a higher support after $200 failed to hold. ETH/USD is also battling resistance at 21-day Simple Moving Average (SMA). Bulls have their eyes on $220 but first they must be ready to deal with the resistance at the 61.8% Fibonacci level.

ETH/USD daily chart

ETH/USD price chart
ETH/USD price chart by Tradingview

From a technical point of view, the prevailing trend is in the bulls’ favor. The RSI is holding above the average (50) following a steady recovery from 44 (May low). Although the trend is bullish, low trading volume continues to limit the price action. Ethereum bulls must focus on breaking the resistance at $200 to enable them shift the focus to $220.

Ethereum 2.0 launch results in a spike in long positions

As the launch of ETH 2.0 draws nigh, Ether’s long positions are surging on Bitfinex. The growth can be traced from February 2020. However, at the moment short positions are gaining momentum after Vitalik Buterin refuted the news that the launch will take place in July. This has introduced pa risk factor and could lead to a violent selloff.

Summary
Ethereum Price Loses Steam At $200: A Massive Selloff In The Offing as ETH Longs Surge On Bitfinex
Article Name
Ethereum Price Loses Steam At $200: A Massive Selloff In The Offing as ETH Longs Surge On Bitfinex
Description
Ethereum retreats slightly from the intraday high at $201 to seek a high support. Applied technical indicators send positive signals but low volume hampers price action.
Author
Publisher Name
coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Post your comment...
John Isige 514 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @