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- The Ethereum dev team has agreed to launch their Constantinople upgrade on block number 7,080,000 (around January 14, 2019).
- The $ 90 level will be a crucial price level.
- Support moving forward: $ 92.10, $ 90, $ 84.03, $ 80, $ 75, $ 70, $ 63.80, $ 60.
- Resistance moving forward: $ 100, $ 106.98, $ 108.08, $ 121.89, $ 132.28, $ 135.68, $ 150.
Latest Ethereum News
after a string of delays, the much-anticipated Ethereum "upgrade" known as Constantinople has finally received a block number on which the upgrade will be scheduled to occur.
The Ethereum Development Team reached an agreement in December 7, 2018 in which they agreed to upgrade the network on block number 7,080,000, expected to be hit on around January 14, 2019.
There were many reports that the upgrade would have occur during mid-January and they can now be confirmed.
Constantinople was supposed to be in October 2018 but after the upgrade went to the Ropsten testnet, the blockchain had seemingly stalled for 2 hours which caused the upgrade to be delayed.
The Constantinople upgrade, or hard fork, will implement 5 separate Ethereum Improvement Protocols (EIPs) Ethereum decides to move from an energy intensive Proof-of-work algorithm.
The Constantinople is one step in Ethereum long-term plans to increase its network scalability. Such as Casper and Serenity can be incorporated.
To the top of the $ 100 handle as the hard fork approaches.
Let us take a look at the market action for Ethereum and highlight some potential support and resistance levels moving forward.
Ethereum Price Analysis
Ethereum has seen a small price decline totaling 1.17% over the past 24-hour period of trading as a market for $ 91.92, at the time of writing.
The Ethereum market has seen a significant 16% price drop over the past 7 trading days.
The Ethereum project is now ranked in 3rd position according to its market cap ranking and holds a total market cap value of $ 9.59 billion. The 40-month old cryptocurrency is now trading at a value that is a steep 93% lower than its all-time high price.
This report was published in November 2018, and continued during December 2018. This bearish market movement saw Ethereum is a low-cost product that trades from $ 200 to a low of $ 83 during December 2018.
We can see the market for more than 6 months, provided by a short-term downside 1.618 Fibonacci Extension level (drawn in purple) priced at $ 92.10.
This level of support has prevented the market from closing below and heading further lower.
Trend: Bearish Below $ 90
Although November and December 2018 has seen a consistent price declines in the ETH / USD market, it has shown a short period of stability as the bulls battle aggressively to defend the $ 92.10 handle.
We can consider that the bearish market has continued, provided that the price of the action is further lower and closes below the $ 90 handle.
Where is the Support for ETH / USD Below the $ 90 Level?
1.618 Fibonacci Extension level (Drawn in purple) priced at $ 92.10 and the following psychological support at $ 90, we can expect further support below. 1.414 Fibonacci Extension level (Drawn in blue) priced at $ 84.03.
Support to the bottom-to-end 1.618 Fibonacci Extension level (drawn in blue) ) priced at $ 63.80.
What If the ETH / USD Market Heads Above $ 92.10?
High-end downside 1.618 Fibonacci Extension level (drawn in green) priced at $ 100.46.
The resistance is further bolstered by the fact that the $ 100 level is a further number.
Additional resistance above the $ 100 handle.
What Are the Technical Indicators Showing?
The RSI is still trading well below the 50 handle which indicates that the bears are still in control of the market momentum.
If we see the RSI begin to rise, we can assume that it will start to run out of steam which may allow the bulls to go in and push the market higher. A break above the 50 handle would confirm that the buyers are once again in control of the market momentum.
Over the past month, the market has consistently stayed below the 7-day EMA (blue moving average). If we look at the 7-day EMA, this will serve as the first signal that the previous bear has started to show.
Conclusion
Although Constantinople will not provide the needed throughput for the Ethereum market, any upgrade to the sluggish network The Ethereum network has been rated as two transactions.
As the upgrade comes closer, we can expect that the Ethereum development team can continue to provide the much-needed scaling.
From the market perspective, the $ 90 handle will be a crucial level to prevent Ethereum from sliding further lower. The price is higher than the previous one.
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