Ethereum price (ETH) appears to be taking a breather before attempting to tackle $150 and step up a level as the Constantinople hardfork upgrade looms.
Ethereum Price: Market Overview
Ethereum price is going through a phase of consolidation after posting fantastic gains over the past week.
Currently, ETH 00 trades ever so slightly above the 20MA and the Bollinger Band indicator has begun to narrow as ETH attempts to enter the upper arm. The 1-hour chart shows the altcoin appears ready to attack the $147 and $149 resistance where ETH recently rejected a number of times.
ETH still rests on the 78.6% fib retracement level from the last move from $119 to $149 and the altcoin remains in good order above $138 and $140.
Over the past 4 hrs the Stoch managed a bull cross and is on the verge of exiting oversold territory and a spike in bull volume would help ETH overcome $150. A drop below $140 could open the door to steep losses over the coming session but this seems unlikely at the moment.
Barring some unexpected bug discovery, the Constantinople hardfork is still scheduled to occur between the 25th and 28th of February so there is the possibility of increased activity in the days before the event occurs.
As one would expect, ETH price action remains tethered to bitcoin price so any move from the top digital asset could impact the direction ETH takes.
ETH-USD Shorts Chart
ETH-USD shorts continue to drop to new lows and its clear traders are beginning to fell increasingly bullish about ETH.
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[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase. The charts for analysis are provided by TradingView.]
Images courtesy of Shutterstock, Trading View, Market data sourced from Bitfinex and Coinbase
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