- 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