Ethereum overview: ETH/USD stays above $160.00, DevTeam considers more frequent forks

ETH/USD has recovered from Monday’s low $156.92 to trade at $160.40 by the time of writing. While the second largest digital asset with the market value of $17.1 billion is down 3.6% since this time on Monday, the short-term trend remains bullish as long as the price stays above $160.00 handle.

What’s going on?

During EDCON 2019, a regular meeting of Ethereum DevTeam that took place in Sydney, the developers discussed regular hard forks that might be implemented once in three months. 

“There’s definitely movement on the 1.0 chain to do more frequent and smaller hard forks to kind of get into a rhythm,” Danny Ryan noted.

This would allow to speed up the network development.

However, this proposal was not universally supported by the participants of the meeting. Some team members believed there were no need in so frequent forks. Also, they noted that normally it took the team at least six months to release an update.

Ethereum’s technical picture

On the intraday level, ETH/USD recovery is capped by $164.00 handle with SMA100 (4-hour) located marginally below this area. Once it is cleared, the upside momentum might gain traction with the next aim at $164.70-$164/80. This resistance is created by a cluster of SMA50 and SMA100 (1-hour). Then comes 38.2% Fibo retracement level at $166.35. 

On the downside, the first support area is created by 50% Fibo retracement at $159.78. This barrier stopped the sell-off during early Asian hours. Once it is broken, the downside may gain traction with the next focus on $156.32 (Monday’s low) and $153.33 (61.8% Fibo retracement).

ETH/USD, 1H chart