Ethereum Price Analysis: ETH/USD vulnerabilities for price ahead of hard fork

Ethereum price on Tuesday trading within negative territory; down 2% late in the day.
The community are cautious heading into the Constantinople upgrade this week.

Ken Chigbo Independent Analyst

Ethereum price on Tuesday is seen nursing losses of around 2% in the latter part of the day. ETH/USD is moving within consolidation mode, after taking a huge beating on Sunday, something that was observed across the market.

ETH/USD dropped chunky double-digits on Sunday, falling around 20%, after printing new highs for 2019. The price had run into a supply area, which was observed up where it had topped at the beginning of the year in January.

Price action is testing a key near-term demand area, tracking around $135-128. This zone is key as it is the final major barrier ahead of the psychological $100 mark, a failure of this holding could send the price back down south to test that big figure.

ETH/USD daily 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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