- ETH/USD is gaining ground, hovering above $154.00
- The long-term picture remains bearish
ETH/USD has settled at $154.00 during early European hours. The second-largest digital asset, with the current market value of $16.5 billion, has gained over 2% both on a day-to-day basis and since the beginning of Friday, moving in sync with the market.
Ethereum’s technical picture
From a long-term point of view, ETH/USD is controlled by bears. The coin has lost over 20% of its value in recent 30 days and over 40% in the past six months. However, those who purchased the con.a year ago are still able to book 30% of the profits.
ETH/USD topped on June 24 at $363.25 and has been in retreat ever since. A sustainable move below $200.00 handle worsened the technical picture, while numerous attempts to take the price above this handle failed to succeed.
At this stage, flat RSIs (Relative strength Indicators) on both daily and weekly charts imply that ETH/USD may be vulnerable to range-bound trading ahead of the New Year. However, low liquidity conditions typical for holiday season may result in unexpected sharp movements.