The latest ETH price update shows a 3.1 percent decrease from yesterday’s candle and it closed at $156 which signals a retest of the $151 support level in the upcoming days. Let’s read more about the analysis in the ETH price news.
The ETH price has to break above the daily 200 moving average before the Bitcoin halving event and before it loses momentum. It is currently trading 3.1 percent lower which signals a retest of the $151 level but it is worth noting that the rally from last week was stopped because of the rejection from the daily 200 moving average.
Until the ETH price is able to pick itself up and trade above the 200MA, it will remain in a bearish pattern in the short-term and another break above $176 will pave the way for the rally towards the yearly high of $289 which was connected with the bullish narrative around the Bitcoin halving event in May. According to the Latest ETH price analysis, the price action between ETH and BTC is correlated so when Bitcoin makes a move, Ethereum, and other altcoins will follow. The traders are hoping that the halving event will have a bullish effect on the market by also making Ethereum surge exponentially.
The rewards for the Bitcoin miners will be slashed from 12.5BTC to 6.25 BTC per block which will halve the supply that will come onto the market. The miners have to make sure that the electricity costs will meet the mining profit. The rewards are halved and the price is expected to double in order for the margins to remain the same. The key remains for Ethereum is trading back above the daily 200MA before the Bitcoin halving and to provide a platform of a potential cryptocurrency bull market.
ETH broke the $152 resistance level to initiate a correction. It later surpassed the 50% Fib retracement level of the key drop from the $164 swing high to the $148 low. The price, however, is now facing a couple of hurdles near the $156 and $157 area. The next key resistance after this is near the $175 level, and any further gains could lead the price towards the $185 and $188 levels.