Ethereum lock-step trading to culminate in triangle breakout

Ethereum buyers seem to have taken a break after the sudden recovery last Friday. Ethereum bounced from the support at $102 and tested the resistance at $128 before starting to trim the gains. Yesterday there was low trading activity as the bulls consolidated the gains above $120. Following the retracement from the key resistance at $128, ETH/USD upside is currently capped at $125.

Meanwhile, Ethereum developers are working round the clock for the impending Constantinople upgrade. This particular hard fork upgrade was to take place mid-January but was delayed following the discovery of a bug 48 hours before scheduled time. The team, keen on making sure things go as planned is not too afraid to try again and hence, the same upgrade has been scheduled to take place in late February 2019 at block height 7,280,000.

“I suspect it will go as planned. The block number has been set and [the upgrade] is hard coded in the clients now so it’s going along fine,” said Hudson Jameson, the Ethereum Foundation developer liaise while speaking to CoinDesk.

Ethereum price technical picture

Ethereum price is changing at $1212.85 within the confines of the contracting triangle that is soon approaching a breakout. A correction above the immediate resistance at $124 will allow the bulls to gather strength to attack the hurdle at $125 in readiness for a recovery towards $128 (critical level). The technical indicators like the slow stochastic oscillator are sending positive signals to show that the ongoing bullish moment will carry on in the short-term. Besides, the MACD on the same 15-minutes chart is making headway above the mean line into the positive territory. The technical levels show that the bulls will continue to influence the price as we wait for the breakout.

ETH/USD 15-minutes chart