Ethereum price analysis: ETH/USD bulls are struggling with $200 mark
- The Ethereum price on Monday is trading within gains of 2.7% in the second half of the session.
- ETH/USD is attempting to break back above a breached pennant structure.
Ethereum price on Monday is trading in positive territory by some 2.7%, as it flirts with the psychological $200 mark.
Core developers at Ethereum (ETH) announced they are postponing the release of Programmatic Proof-of-Work (ProgPoW) to the first quarter of 2020. The project Istanbul is set to be released in two different parts.
The first one is expected to be released as soon as in October 16th, while the second update will be released sometime during the first quarter in 2020.
In terms of the technical picture, the $200 territory is acting as resistance, after previously proving to act as support. The bulls are attempting to break back above a breached pennant structure.
ETH/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
