Ethereum Price Analysis Today: (ETH/USD) Approaching Resistance, Potential Drop!

Ethereum Foundation announces fourth wave of grant awards. Emojies and excitement abounds as the Ethereum Foundation announces the grant winners in the fourth wave of awards. The Ethereum Foundation has announced a grant update as the “fourth wave” washes over.

The Wave IV Grantees fall under the following categories:

  • Scalability,
  • Security,
  • Usability (DevEx),
  • (#BUIDL),
  • Hackternships, and
  • Client Diversity.

But this announcement didnt make so much change with ETH Price.

ETHUSD is approaching our first resistance at 249.27 (horizontal overlap resistance, 50% Fibonacci retracement , 61.8% Fibonacci extension ) and a strong drop might occur below this level pushing price down to our major support at 191.99 (horizontal swing low support, 100% Fibonacci extension ).
RSI (34) is also approaching resistance and we might see a corresponding drop in price.
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Bulls Eyeing Upside Break

Ethereum price is currently consolidating above the $208.50 support. ETH/USD is likely to break to the upside towards $224.00 or $225.00 in the coming sessions.

Ethereum price is placed well above the $208.50 support zone.
ETH/USD broke a key bearish trend line with resistance at $214.00 on the 30-minute chart.
The price may slowly continue to grind higher towards the $222.00 or $225.00 levels.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
Aamir Kapoor is a fintech writer specializing in cryptocurrency and blockchain. He has a background in finance and banking and was a researcher.