- Relative Strength Index: The RSI is currently at a healthy 43 points. This means the market can go either way but will lean towards trading sideways.
- Bollinger Bands: After the most recent retracement, the price is currently touching the lower bollinger band. This means ETH/USD will try to rebound at least back to the $194 level.
- Volume: While there is volume present, it's relatively low. There isn't enough volume currently to sway the market too much in either direction.
Ethereum Price Prediction
Both the RSI and Volume are signalling a sideways trading market. Bollinger Bands on the other hand, are signalling a slight rebound. As such, my prediction is that Ethereum will trade sideways between the $190 and $200 level for the next few hours, given the BTC/USD doesn't make any major moves.
When it comes to a more medium / longer term trend, as much as I love Ethereum I don't think it will be able to hold the $200 support level. While the prospect of ETH 2.0 is exciting, currently Ethereum is struggling from network congestion. It's hard to use many dApps because even the cheapest transactions cost way too much due to Gas fees.
Read Full Analysis: The Merkle Hash