As the most dominant crypto Bitcoin price smashed $50,000 levels, the entire crypto space followed a similar path. Ethereum price also jumped above $3200 and aimed to break the upper resistance at $3605. But with a couple of rejections at $3340, compelled the ETH price to hover around $3000.
Despite a notable fight back, the indicators point out towards a substantial bearish divergence haunting the rally. The price held a strong grip over the uptrend a month ago, and the current pullback is testing the trend. If the selling intensifies, the possibility of breaking down the trend line could surface the waters.
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The indicators were pretty bullish as the market flipped in the favour of bulls. But with the accumulation, the trend showcases a bearish divergence.
The RSI is slowly tumbling down whereas MACD displays extensive selling. The passiveness of the bulls yet remains a matter of concern as only mounting buying pressure could break through the consolidation.
No doubt the Ethereum price is still self-assured to hit the highs and continue to rally towards the milestone at $5000.
However, the need of the hour is to prevent the ETH price to visit the support zone. A slippage from this zone could enable the price to hit lower lows where-in a notable bounce back may require enormous efforts.
Source: Coinpedia.org
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