• A move above $180.00 is needed to improve the picture.
  • The significant support is created on approach to 170.00.

The second-largest cryptocurrency with the current market capitalization of $19.1 billion has recovered from the intraday low of $176.26 to trade at $180.00 at the time of writing.  ETH/USD is still down 1% both on a day-on-day basis and since the beginning of the day.

Istanbul launch postponed

Meanwhile, Ethereum Foundation community manager Hudson Jameson announced that Istanbul hardfork would be initiated on the Ethereum testnet approximately on October 2. Initially, it was scheduled on September 4, but the launch was postponed due to great number of updates and improvements. By now, the developers decided on the block number, where the hardfork will be activated.
Istanbul will become the eighth hardfork on Ethereum network. The first part of the fork will improve interoperability with ZCash and make the network more resistant to double-spending attacks.

Ethereum’s technical picture

Looking technically, initial support is created by the middle line of 4-hour Bollinger Band at $177.00. It is followed by the intraday low of $176.26 and SMA50 (Simple Moving Average) 4-hour at $175.85. Once it is out of the way, the downside is likely to gain traction with the next focus on psychological $170.00. 

On the upside, we will need to see a sustainable move above $180.00 for the upside to gain traction. The first strong barrier is created by the upper line of 1-hour Bollinger Band at $183.00, followed by the upper line of 4-hour Bollinger Band at $185.00.

ETH/USD, 4-hour chart


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD may hit $8,000 soon if SMA50 daily gives way

BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility.

More Bitcoin News

Ripple Price Analysis: XRP/USD breaks above $0.19, bulls aims for $0.20 next

XRP/USD bulls are well and truly in control as the price has risen from $0.1794 to $0.1955, going past crucial psychological levels at $0.18 and $0.19. To continue this upward momentum, the bulls must go ...

More Ripple News

Ethereum Price Analysis: ETH pushes to higher levels after breaking 150.0

Ethererum has moved in a classic Elliott Pattern in the first part of the move marked in black. Now it is time for the price to accelerate higher as this move could be the potential wave 3 which is normally the longest. 

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP