- ETH/USD is range-bound with bearish pressure.
- The critical support is located at $150.00.
ETH/USD has retreated from the recent high of $152.14 reached on Sunday, following the successful Istanbul upgrade. The second-largest coin with the current market capitalization of $16.2 billion has stayed unchanged on a day-to-day basis and lost over 1% of its value since the beginning of Monday.
Istanbul scare is over
Istanbul has become the third major update of the Ethereum network in 2019 and the eighth update throughout the history of the project. It implemented several major improvements, including compatibility with PoW (Proof-of-Work) based cryptocurrencies like Zcash, scalability of zero-knowledge technologies and DDoS resistance. The 9,069,000 was found by mining pool SparkPool.
However, the process was not as smooth as one might have hoped for. Parity implemented last-minute fixes ahead of the fork and urged all Parity client users to patch their software before Istanbul arrived. While the issues were easy to implement, the might have caused serious problems, including double-spending, if someone had failed to install the patch in time.
Ethereum's technical picture
Looking technically, ETH/USD recovery is capped by the middle line of the daily Bollinger Band located above $151.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $159.40 (the lower boundary of the previous consolidation range) and psychological $160.00. ETH bulls might have a hard time clearing this area as it has served as a strong resistance since the end of November. A move above will attract new buyers to the market and help improve the near-term outlook.
On the downside, the strong support area is created by Sunday's low at $146.50. Once it is out of the way, the sell-off may continue towards psychological $140.00 and $137.75 ( the lower line of the daily Bollinger Band.
ETH/USD, the daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.