Ethereum Price Analysis: ETH/USD has to break back above $140 for hope of a recovery
- Ethereum is trading in the green marginally by some 0.50% on Monday.
- ETH/USD must break and close back above the $140 price mark, for further upside.
The Ethereum price on Monday is trading in minor positive territory, seen with gains of some 0.50%, in the second half of the session. It is attempting to stabilize following the hard-hit of selling pressure, which was seen last week.
In terms of news flow; the Ethereum Foundation is continuing to work step by step on its Ethereum 2.0 release. The latest update covers its technical audit, extended testnet, and new block explorer. A Core Researcher at the Ethereum Foundation, Danny Ryan, detailed that Ethereum 2.0 is ready for the first technical audit of its Phase 0.
He noted that "white hackers" will be focused on the following:
Critical items such as Denial of Service (DoS) attacks, resource misuse attacks that could lead to unintended forks/adversarial chains, network related attacks, any attacks that impact funds, and more.
Technically, ETH/USD must break down a large barrier seen at the $140 mark, in order to gain further upside momentum. It was a strong prior acting area of support, however, bears managed to smash through this on 16 December.
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.
