Ethereum price analysis: ETH/USD sidelined below $400.00; ASIC miners may force Ethereum hardfork

ETH/USD is sidelined below $400.00 threshold. The coin is 3% higher on the day, but the momentum is not strong enough to push ETH above the critical resistance. 

Meanwhile, Ethereum community is discussing possible hard form on ETH blockchain as the growing number of developers are voicing critical views on Ethash compatible ASIC miners. They argue that it will create favorable conditions for ASIC-based mining monopoly and squeeze small individual miners out of the market.

Read more about ETH ASIC mining issues.

Ethereum technical picture

ETH/USD is now trading at $390.00, above both 50 and 100-SMA on the hourly interval, but the upside momentum is fading away on approach to $400 handle.  The bulls have to push the price above this level to create the sustainable impulse for further recovery towards $440.00. On the downside, the local support comes at $370; a move below will open the way to Sunday's low at $358.80 and by the critical $320.00-$300.00 area.

ETH/USD, the hourly chart