- Additional upward movement hit a snag at $106.00 resulting in a bear correction.
- The Relative Strength Index is currently motionless at the 50.
Ethereum came out of the narrow range it locked in last week this Monday. The crypto corrected higher breaking above the range resistance at $88.00 and the hurdle at $90.00. While the momentum on Monday failed to break above $100 forming a high around $98.00, the recoil yesterday saw ETH/USD zoom above $100.
Additional upward movement hit a snag at $106.00 resulting in a bear correction that is currently supported by a short-term support at $102. Ethereum is also supported strongly by the 50 Simple Moving Average slightly below the above short-term support. If declines extend below $100, the 100 Simple Moving Average will come in handy.
Looking at the 15-minutes chart, the trend is more or less sideways. The Relative Strength Index is currently motionless at the 50 mark. This is after a correction from the oversold levels recorded earlier in the day during the Asian trading hours. Moreover, the MACD is heading towards the negative region although it hit highs of +2.55 today (slightly above the levels reached on Monday).
The Ethereum community is waiting anxiously for the Constantinople upgrade that has been confirmed to take effect in January 2018. This upgrade had been initially scheduled to take place in November this year, however, the developers hit a snag when it failed to function on the test network. The upgrade will the groundwork for other upgrades like the Sharding and the proof of stake protocol among other amazing features to be included in Ethereum in future.
ETH/USD 15’ chart
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