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- Ethereum's scaling solutions are all in line with the Constantinople fork and Raiden Network activation.
- Ethereum now needs to overcome significant resistance at $ 155 a head higher.
- Support in progress: $ 138.29, $ 127.85, $ 119.39, $ 110.94, $ 100, $ 98.91, $ 91.74, $ 84.03.
- Resistance going forward: $ 150, $ 155.12, $ 171.94, $ 180.57, $ 190.83, $ 197.73, $ 200, $ 205.55.
Latest news on Ethereum
It's a new year for Ethereum. 2018 was a difficult year for most of the cryptocurrency sector and Ethereum was no exception as the market hit a minimum of $ 84 in December 2018.
However, the outlook is positive for the Ethereum network as the development team prepares for the long-awaited fork of Constantinople.
The update of Constantinople will be one of the main driving components to facilitate the transition from a PoW algorithm to a much greener PoS algorithm.
The hard fork is set for block n. 7080000, scheduled for January 16, 2018. For more information on the Ethereum Enhancement Protocols (EIP) involved in Constantinople, we recommend that you perform the update. take a look at this article.
In other resizing news, the out-of-scale scalability solution known as Raiden is now alive on the Ethereum blockchain for the alpha test.
The Raiden network, similar to the Lightning network on Bitcoin, is a non-chain solution to help the Ethereum scale to 1 million transactions per second, which was significantly needed for over a year.
To further increase the excitement of the new year, Ethereum is now very close to claiming the second place in the ranking of market capitalisations.
Ripple has overtaken Ethereum in recent months, but the Ethereum market has managed to recover some of its losses. At the time of writing this article, it is only 70 million dollars compared to Ripple, since Ethereum currently holds a market capitalization value of 14.72 billion dollars and Ripple holds 14.79 billion dollars.
We continue to take stock of prices for Ethereum in the short term and highlight any potential support and resistance areas in the future.
Price analysis of Ethereum
Ethereum has seen a 5% positive price increase in the last 24 hours of trading as the market is currently trading around the price of $ 144.87 at the time of writing this article.
The decentralized operating system has now seen a price increase of 6.59% over the last 7 trading days, making it the top performer in the top 10 in the period indicated. In the last 30 trading days, it has experienced a 21% price increase.
Also in third place with a capitalization value of $ 14.72 billion, the Ethereum network suffered a price fall of 37% in the previous 90 trading days. The 41-month currency now trades at a lower value of 89% compared to the all-time high price.
Analyzing the price action for ETH / USD from the short-term perspective above, we can see that from ours last article, Ethereum fell slightly to the expected short-term support level .5 Fibonacci retracement level (green extract) priced at $ 119.39.
After reaching this level of support, the ETH / USD market rebounded to exceed the long-term bearer level of .382 Fibonacci Retractment (drawn in red) for $ 138.29. Since then, the market has been trading along this level of support.
Trend: bullish above $ 155
The short-term uptrend is still at stake as Ethereum refuses to lower the lows.
If the market can create a new high above the $ 155 commitment, exceeding the December 2018 high, we might consider that the ETH / USD is about to reverse the long-term bearish trend in one uptrend.
In order for the short-term trend to become bearish, we should see Ethereum's rupture under the support at $ 119.39.
Where is the resistance for ETH above the $ 150 handle?
If buyers can pick up the price strength above the resistance around the $ 150 handle, they will immediately encounter further resistance to the downside bearish level of .5 Fibonacci (drawn in red) for $ 155.12.
This Fibonacci retracement is measured from the maximum observed in November 2018 to the minimum placed in December 2018.
A higher resistance above the $ 155 handle can then be predicted at the Fibonacci downside (618), drawn in red, for $ 171.94. This area of resistance will require significant momentum to overcome, as this will be an important point of reference for the long-term uptrend trend to be established.
If the bulls can continue to rise, you can find more resistance to the Fibonacci extension levels of 1,272 and 1,414 (drawn in orange), respectively, to $ 180.57 and $ 190.83.
Where is the resistance for ETH located below the $ 138.29 grip?
If bears clustered in the market and start pushing prices below the newly established support at $ 138.29, further immediate support for the downside can be located shortly term .382 and .5 Fibonacci retracement level (drawn in green), at prices of $ 127.85 and $ 119.39.
If sellers continue to push the price further, we can expect further support below the short-term levels .618 and .886 of Retrospie Fibonacci (drawn in green), priced at $ 110, respectively. 94 and $ 91.74.
Conclusion
Scaling solutions for Ethereum have long been evolving. With solutions now on the visible horizon, it is likely that faith will be restored in the Ethereum blockchain that has been plagued by slow transaction rates, slowing the pace for the development of dapps on the network.
The time that leads to a difficult fork may be a very volatile period within the market due to the uncertainty of network stability during the hard fork period. If the bulls can make the price action return above the $ 155 handle, we can expect the market to continue to rise.
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