There has been a strong rebound in the Ethereum price lately. As the coming altcoin news show, the price of ETH has managed to reach $175 but later corrected to its current levels at $171. Still, the momentum is big and the ETH/USD pair has tested the $170 resistance level, settling above the 100 hourly simple moving average, as data from CoinMarketCap shows.
Finally, the Ethereum price broke the $169 and $170 resistance levels and extended the rally towards the $175 level (from yesterday’s altcoin news analysis), testing the $174 level and currently consolidating its gains below that level.
The initial support is near $172 and the 23.6% Fibonacci retracement level of the recent wave from the $164 swing low to $174 high. On the downside, there are currently many supports near the $170 and $169 levels which were the previous resistances. Right now, the Ethereum price is changing hands with $172 and if it corrects and stabilizes below that margin, it is likely to find support near the $168 area.
The good news, as shared on many best cryptocurrency news sites and by a lot of experts, is that the initial resistance is near $175 – which means a lot for Ether buyers. In other words, the Ethereum price could be pushed above and there could be a strong move towards the $180 and $182 resistance levels. That way, if buyers remain in action, we are likely to see a chance of a run towards the $190 resistance area.
Looking at the latest cryptocurrency news and the chart, the Ethereum price is now trading nicely above the $168, $169 and $170 support levels. As long as there is no close coming in the $168 region, the price will remain in a positive zone. Below this level, the next support will be at $164 and the 100 hourly simple moving average.
Right now, the overall price action is positive and the recent break above $170 suggests that bears are clearly struggling and trying to push the Ethereum price lower.
- The technical indicators are as following:
- Hourly MACD – The MACD for ETH/USD is pushing higher and gaining a bullish momentum, with a lot of positive signs.
- Hourly RSI – The RSI for ETH/USD surged above the 60 level and it is right now stabilizing near 75.
- Major Support Level is at $168
- Major Resistance Level is at $175
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
Six Changes Approved For The Next Ethereum Hard Fork
“We split Istanbul into two. One of them we can actually ship within weeks. [The other contains] two really big EIPs that would be nice to have but require some stuff that cannot be done within the two- or three-week timespan.”As many altcoin news sites shared, Istanbul Part 1 will be the eighth hard fork to be activated on the $22 billion blockchain network. As such, it is expected to boost the chain interoperability with the privacy coin Zcash and with that help secure the broader network against any replay attacks, among other efficiency improvements. Developers behind major Ethereum clients such as Geth and Parity have one week to integrate the six changes, integrating the newly affirmed list of EIPs into their software as well as preparing to implement the full code on a live Ethereum network. The Ethereum Foundation community manager Hudson Jameson spoke about the importance of the testnet release and the six changes in the code. He was featured on many best cryptocurrency news sites for stating:
“The security and stability of the network are primary concerns when it comes to doing hard fork on mainnet so the testnet release is a vital step in making sure that mainnet release go smoothly.”The release summed up that the core developers are excited to get the Ropsten testnet hard fork - and that everything will be working correctly.
Ethereum Dumped 10% Overnight: Possible Reasons Why
“JUST IN: as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH. I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells,” she noted.https://twitter.com/DoveyWan/status/1161686134314848256 It still remains unclear why Ethereum dumped 10% overnight - and if this massive mount contributed to yesterday's drop. However, a panic sell-off could be triggered very soon, perpetuated by any movement in the scammer's wallets.
Pullback For Ethereum-Bears Eyeing $190 Support
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Samsung Just Added Bitcoin Support To Its Blockchain Keystore
Regulation2 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Blockchain News4 days ago
BitMEX Loses The Leading Position To Emerging Competition
Bitcoin News4 days ago
Dallas Mavericks Is The Second NBA Team To Accept Bitcoin
Bitcoin Scams3 days ago
Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off
Bitcoin News4 days ago
Bitcoin Chart Perfectly Shows The Dominance Of BTC Over Altcoins
Bitcoin News1 day ago
Bitcoin Price Hesitates But Further Recovery Is Likely
Altcoin News4 days ago
Coinbase Ditched Zcash And Here’s The Real Reason Why