Ethereum Price Analysis: ETH Rally To $250 Capped at $170

Latest Ethereum News

Progress is slow, measured but sure. That’s the Ethereum way and months after slipping to third, fundamental developments ensured that the rebound was strong, dislodging XRP from the second spot. Obviously, this dethroning left a bad taste in XRP shillers–who have so far managed to sway CZ to make it base at the backdrop of an allegation that the world’s largest crypto exchange may have received bribes to apparently meet user demand.

Read: Crypto Token ICOs Are Under Fire But Traditional IPOs Are Also Experiencing Hard Times

In the meantime, and at the back of organic development, Ethereum as an ecosystem and ETH as a coin is raving at the back of increasing demand. In slightly over a week, Constantinople will roll out and if there is a general consensus, complete transition means there is another step towards Serenity. Aside from that, an agreement has been reached amongst Ethereum developers for the deployment of ASIC resistant GPU that will prioritize decentralization over centralization—a case Bitcoin is struggling with at the moment.

Also Read: The Tron Network Receives a New Game ‘EtherGoo’ Which Previously Worked on Top of Ethereum

According to reports, the successful meeting held on Jan 4 approved the implementation of ProgPow—an improved proof of work system dependent on GPUs which had been successfully trialed clients running the Gangnam TestNet. Aside from making it harder for ASICs to commandeer the network for at least the next year or more, developers were able to stabilize hash rates while simultaneously urging for upgrades to ProgPow.

Ethereum (ETH) Price Analysis

The trend is clear: ETH bears are in control from a top-down approach and at current prices, ETH is at the edge, a precipice. By adding 12.5 percent in the last week, ETH is one of the top performers and near-term prices mostly depend on how bulls will react at $170. From candlestick arrangement, $170 is previous support now resistance.

As a level that marks the day bears wrecked ETH holders by distributing and finally breaking below it at the back of above average volumes back on Nov 18, any break above will shift momentum from bearish to bullish nullifying the breakout pattern which ETH/USD pair is currently trading in. Of course, there is no doubt that the market is positive and with steady gains from mid-Dec 2018 and expectation of Constantinople, ETH could rally and even print $250 by end of Q1 2019.

However, caution demands that conservative traders only open position once prices edge past $170 in line with our previous ETH/USD trade plans. Only then shall we recommend buying ETH on pullbacks with first targets at $250 and later $400.

If our conditions are met, this will be our ETH/USD trade plan:

• Buy: spot, $170
• Stop: $150
• Target: $250, $400

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.