Ethereum price spikes 15% in seven days: ETH/USD capped below $130
|- Ethereum overdue Constantinople upgrade scheduled for late February.
- Ethereum defends $120 vital support while trading above the ascending trendline.
It is seven days after the bull rally that saw Ethereum add more than 15% to its market value. The gains were a welcome gesture following the losses that had sent Ethereum close to the primary support at $100.00. The bullish wave pushed ETH/USD above the key barriers at $110 and $120.
Meanwhile, Ethereum developers are preparing for the long overdue Constantinople. The upgrade was delayed after vulnerabilities were detected mid-January. However, the upgrade is likely to take place later this month at block height 7,280,000. This upgrade is only laying the framework for Ethereum 2.0; an upgrade that will see Ethereum incorporate the much-awaited Proof of Stake (PoS) as well as increase the network’s capacity to at least 1,000 transactions per second.
In the meantime, Ethereum is trading at $122.44. The asset is supported immediately by the hourly 50-day Simple Moving Average. The 100-day SMA act as another support line at $122. Looking at the char, while Ethereum upside is limited below $130, the asset has sustained trading above the bullish trendline. In the event bears increase their grip, the price could bounce back on touching the trendline and prevent declines towards $120 (vital support). The previous resistance zones at $110 and $105 will also offer support.
ETH/USD 1-hour chart
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