- Ethereum closed in $150 after the bulls strongly defended $140 - $142 support range on Tuesday.
- Ethereum 2.0 offers endless possibilities and is being developed as a separate blockchain to the existing protocol.
Ethereum has since December 18 formed a higher high pattern. Short periods of consolidation have also had the tendency to break out resulting in higher corrections. For example, the consolidation above $140 came after Monday’s surge from $136 to $144. As Bitcoin rocketed above $8,000 on Tuesday, Ethereum pushed to levels around $147 but left $150 untested.
In the meantime, Ether is trading at $144.77 amidst a generally bullish market. The immediate upside is capped at $145 in addition to the resistance offered by the descending trendline. Ethereum still has the potential to trade above $160 in the short term but the bulls must first conquer the resistance at $150 as well as the 38.2% Fib Level.
On the downside, $140 is credible support likely to stop losses in the case of a reversal. With the 50 SMA on the 4-hour chart above the 100 SMA, Ethereum is still largely in the hands of the buyers. Besides, the RSI is pointing north after encountering support above 50.
ETH/USD 4-hour chart
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Ethereum 2.0 development
Ethereum network’s team of developers is currently working on the deployment of Ethereum 2.0 from the current blockchain, Ethereum 1.0. A new development is to create Ethereum 2.0 as a separate blockchain as opposed to being an upgrade for Ethereum 2.0. A report by Muir Glacier regarding the state of Ethereum network states that:
“Ethereum 2.0 is now being deployed as a separate blockchain” rather than a direct upgrade to the Ethereum 1.0 network.
Read more: Cryptocurrency Market Update: Bitcoin jumps towards $8,500, Ethereum and Ripple remain bullish
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