Ethereum lethargic under $150: ETH/USD could touch $160 as Constantinople upgrade nears – Confluence Detector
|- The gains this week sent ETH on an upward trajectory marginally above $140 hurdle.
- Ethereum developers are confident that the network upgrade will go on as planned.
Ethereum exemplary performance which kicked off last weekend saw it test the resistance around $150. In spite of the declines that tested $102 support in the first week of February, Ethereum has added more than 29% in the last three weeks. Originally, the bullish trend started on February 8 but failed to touch $130. However, the gains this week sent ETH on an upward trajectory above $140 hurdle and even brushed shoulder with $150.
At the moment, the cryptocurrency is valued at $147.48 after the bulls failed to sustain the price above $150 resistance level. However, according to the confluence detector tool provided by FXStreet, ETH/USD is strongly supported at $146.58 as highlighted by the 1-hour 50-day Simple Moving Average (SMA), the Pivot Point 1 Month R1 as well as the 15-minutes 200-day SMA. This means that as long the price can keep above this level, then Ethereum is likely to continue with the trajectory above $150. The next significant support is seen at $140.45 highlighted by the 61.8% Fib retracement level (1-minute range).
As far as gains are concerned, the buyers must overcome the short-term resistance at $148.12; the 15-minutes 10-day SMA, the previous high in the 4-hour range and the 15-minutes 5-day SMA. A correction above this level will see Ethereum zoom above $150 and allow the bulls to focus on $160. Besides, the range between $150 and $160 does not have strong resistance levels that would greatly hinder growth.
I expect, Ethereum to resume the uptrend towards $160 in the coming seven days ahead of the much-anticipated Constantinople upgrade. Ethereum developers are confident that the network upgrade will go on as planned. It is vital to remember that the upgrade was to take place mid-January but was delayed after the discovery of vulnerabilities that could have compromised the working of the code. The community is eagerly waiting for this upgrade which will lay the framework for the next stage of the network’s upgrade: Ethereum 2.0.
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