Ethereum price lagging reaction to the announcement by Coinbase to add ERC20 support
|- A bullish momentum is sluggishly forming above the $450 level in the current session following the announcement from Coinbase.
- A $450 low is an-overstretch for Ethereum price, a trend reversal is overdue.
Ethereum price has broken the downside trend that was heading towards $450 level on Tuesday. The cryptocurrency that is backed by the Ethereum blockchain has sustained tremendous declines in price in the past two weeks. A bullish momentum is sluggishly forming above the $450 level in the current session following the announcement from Coinbase cryptocurrency exchange to add the support for Ethereum smart contracts technology ERC20.
Part of the announcement made through Coinbase blog reads:
We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time. We are announcing these both internally and to the public as consistent with our process for adding new assets.
Ethereum price technical picture
A $450 low is an-overstretch for Ethereum price. The digital asset was trading in the oversold position and the listing has given it a slow but substantial push to reverse the momentum to the upside. The MACD momentum indicator is slowly dipping into the positive territory to indicate that buyers are preparing to enter the market. There is a bullish trend line that if forming closer to the $453 mark. The 23.6% Fib retracement level with the previous swing high of $534 and $453 low is the short-term resistance near $470. If ETH/USD breaks above this level, it will encounter more resistance at $494; a previous support and near the 50% Fib retracement level.
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