Ethereum Price Analysis: ETH/USD remains supported by big demand area, price action narrowing, breakout imminent

Ethereum price on Thursday is seen trading in minor negative, down just some 0.55%.
On-chain transaction volume hit an all-time high in December 2018, for Ethereum.

Ken Chigbo Independent Analyst

The Ethereum price in the second half of the session on Thursday, is seen trading down some 0.50%. Bears continue to sell small upside that is seen, any move north is very much limited with a narrowing range.

In recent news, worth noting reporting by analytical firm Diar in their latest report, Ethereum’s on-chain transaction volume hit an all-time high in December 2018. Ethereum reached 115 million on-chain transactions in December 2018. This did signal an all-time high for transactions on the Ethereum network, excluding activity following the hard fork caused by the DAO hack in 2016.

ETH/USD near-term demand can be noted around $110-117 range. A breach below by bears could invite heavy selling pressure. This could expose the psychological $100 mark the downside, eyes will then be on a reversal of the December bull run, back to $80 territory.

ETH/USD 4-hour 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.

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