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Ethereum market update: ETH/USD stalls short of $290 – bears in action

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  • Ethereum short-term target is $300 while $400 seems to be within reach in the second half of the year.
  • If the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum.

Ethereum bulls are intent on pushing the price to new 2019 highs. Their short-term target is $300 while $400 seems to be within reach in the second half of the year. The price recently corrected from the support congestion zone at $260 – $262 and stepped above the resistance at $270. Trading above both the 50 Simple Moving Average (SMA) and the 100 SMA 15’ saw the bulls rally forces pulling the price upwards in successive engulfing candles.

ETH/USD ground to a halt after forming a high at $288.15 during the Asian trading hours on Thursday before consolidating above $280. The intraday charts show Ethereum having jumped 4.7% on the day. Besides, there is building bullish momentum above the support at $280.

On the upside, the first resistance is $285 (resistance congestion zone). The second hurdle is $287.5 (resistance congestion zone) while $290 is the third resistance zone. Looking at the Relative Strength Index (RSI), we see Ethereum having hit overbought levels earlier today as a bearish indicator.

The RSI rejection from the region shows that Ethereum dips below $280 are likelily unstoppable in the coming sessions today. However, if the bulls manage to defend this support ($280) it will be a confirmation of the bullish momentum and the upwards trend above the trendline and the moving average making $300 a possibility in the short-term.

 

ETH/USD 15’ chart

source:.fxstreet

Ethereum

Ethereum’s Harmony will not support upcoming Istanbul hardfork

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With the Istanbul hardfork expected to roll out by 4 December, developers of the Ethereum community have been releasing several upgrades in its ecosystem.

The testnets before the execution of the Istanbul hardfork have been activated with Rinkeby testnet being the latest one. While the community is gearing up for the Kovan testnet scheduled for December, the team lead at Ethereum Péter Szilágyi affirmed that Rinkeby was a success. His tweet read,

“The Rinkeby #Ethereum testnet is officially in Istanbul!!! :-)”

In more recent updates, Ethereum’s Tim Beiko took to Twitter to elaborate on the developments that took place in the Ethereum Core Devs Meeting #75. After the release of several versions of Nethermind, Besu, and Geth, Parity v2.5.10-stable and v.2.6.5-beta was the latest versions to be released. The release would add block numbers for the activation of the Istanbul hardfork on the mainnet along with other updates. Along with the latest versions of Parity, Aleth 1.7.0 was also released which focused on EIPs for the Istanbul hardfork.

While the developers urged the community to update their nodes, Beiko revealed that only 16% of nodes were updated.

Additionally, Beiko revealed that Harmony wouldn’t be supporting Istanbul. His tweet read,

“We also have an update from EthereumJ/Harmony to announce that they will stop maintaining their Eth1 client to focus on Eth 2.0. They will not be supporting Istanbul.”

While meeting mainly focused on Istanbul as there were no major updates pertaining to the Berlin hard fork.

Furthermore, Beiko revealed the status of Ice Age and tweeted,

“One final update, on the Ice Age! @JHancock is still looking at predicting exactly when it will hit. He will share the numbers with core developers as soon as he has them!”

Source:ambcrypto

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Ethereum

Ethereum price analysis: ETH/USD attempts a recovery above $184.00

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  • ETH bulls engineered a recovery above the critical resistance area.
  • The upside momentum has faded away so far. 

Ethereum, now the second-largest digital asset with the current market value of $20 billion, has recovered from the recent low of $177.o5 and hit $184.33 during early Asian hours. At the time of writing, ETH/USD is changing hands at $183.77, mostly unchanged both on a day-to-day basis and since the beginning of Sunday. 

Ethereum’s technical picture

On the intraday charts, ETH/USD has moved above SMA50 (Simple Moving Average) 1-hour (currently at $181.20) and attempted a breakthrough above SMA100 1-hour at $183.54; however, the bulls failed to keep up with the upside momentum. We will need to see a sustainable move above this handle for the recovery to gain traction. Once it happens, the next resistance of $185.00 will come into focus. This psychological barrier is strengthened by SMA200 1-hour located on approach. 

On the downside, keep an eye on the middle line of 1-hour Bollinger Band at $182.30 and the above-mentioned SMA50 1-hour at $181.20. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $180.00 and the recent low of $177.05.

ETH/USD, 1-hour chart


 

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source:fxstreet

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Ethereum (ETH/USD) forecast on November 18 — 24, 2019

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Cryptocurrency Ethereum (ETH/USD) is trading at 179. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.

Ethereum (ETH/USD) forecast on November 18 — 24, 2019

As part of the Ethereum forecast, a test of level 190 is expected. Where can we expect an attempt to continue the fall of ETH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 142. The conservative area for sales of Ethereum is located near the upper border of the Bollinger Bands indicator strip at the level of 195.

Ethereum (ETH/USD) forecast on November 18 — 24, 2019

Cancellation of the option to continue the decline in the Ethereum rate will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​230. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ethereum (ETH/USD) forecast on November 18 — 24, 2019 implies a test level of 190. Further, it is expected to continue falling to the area below the level of 142. The conservative area for selling Ethereum is located area of 195. Canceling the option of falling cryptocurrency will be a breakdown of the level of 230. In this case, we can expect continuation growth.

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