Ethereum - Bears might retake the initiative again

Our earlier Ethereum price prediction justified itself, as the $270 mark was reached until June 20. Besides the general market rise, the price of the leading altcoin might have been caused due to the announcement by the platform developers to launch the Ethereum 2.0 phase on January 2020. The update is primarily noteworthy by activating Proof of Stake.

On the hourly chart, Ethereum is looking rather bearish than bullish, which is confirmed by the technical indicators. Mainly, the MACD lines are looking downwards, suggesting to possible rollback in the short-term scenario. RSI is also in located near its bottom levels, which means that sellers have not given up their positions yet. In this regard, a slight correction to $264 can happen in a few days.