Ethereum price analysis: ETH/USD drifting lower after Ethereum meeting
- Ethereum developers discussed hot issues ahead of upcoming software upgrade.
- The upside is capped by $275 handle.
ETH/USD has retreated from Friday's high at $283 to trade at $272 by the time of writing. The second largest coin with the current market capitalization of $27.8B has resumed the downside after a short period of growth during the previous week.
Ethereum developers meeting that took place on August 24 was devoted to some vital questions ahead of the Ethereum software upgrade scheduled on October. Among other things, the developers and other Ethereum ecosystem influencers discussed the upcoming Constantinople hard fork, complexity bomb, and ASIC-mining issues, during the regular video conference.
Ethereum's technical picture
From the short-term perspective, ETH/USD is capped by SMA50 and SMA100 (1-hour chart) currently at $275. The coin needs to clear this area to get a chance for a more extended upside towards $280 (SMA200, 1-hour chart, 38.2% Fibo retracement weekly). On the downside, the nearest support is seen at $269 (Sunday's low), followed by $260 handle.
ETH/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
