Ethereum price analysis: ETH/USD traders hold breath ahead of the fork
- ETH/USD stays under $130.00 handle after Monday's growth.
- The upside may be limited amid market jitters.
Ethereum is changing hands at $129.60. The third largest digital coin with a market capitalization of $13.4B attempted a recovery above $132.00 on Monday but failed to hold ground amid jitters related to the upcoming Constantinopole update. Despite the setback, ETH remains one of the growth leaders with over 8% of gains on a day-over-day basis. It is also worth noting that that the trading volumes have spiked to $2.7B.
Read more about Constinopole here
Looking technically, the coin is effectively supported by SMA200 (4-hour) at $126.80. This barrier should stop the sell-off for the time being, though, once it is broken, psychological $120.00 will come into focus followed by the next hurdle at $115.35. It is created by the lower line of 4-hour Bollinger Band. Meanwhile, $114.00 is regarded as a critical borderline. A sustainable movement below will open up the way towards $100.00/
On the upside, the interim resistance is created by $130, though it is not much of a hurdle. The next barrier comes at $132.83, which is Monday's high. Once it is cleared, the recovery may be extended towards $134.60 (upper line of 40-hour Bollinger band) and $136.00 (SMA100, 4-hour).
Considering that the Relative Strength Index on intraday intervals lies flat, ETH/USD is likely to stay in the range at least until the situation with the upcoming upgrade clears out.
ETH/USD. 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
