Ethereum Price Analysis: ETH Pumped, Clears $135 as Bulls Gear for $170

Latest Ethereum News

Transactional volumes are up and so is demand for ETH. But it appears as if it is not localized to Ethereum (ETH) alone. Almost all smart contracting and token issuing platforms are up but it is ETH that has cemented its position as the second most valuable coin in the space.

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Up 22.2 percent in the last week, bulls are vibrant and some are speculating that this excitement is around Constantinople activation. Trackers put the final implementation in roughly ten days and in a two-stage software upgrade, the Metropolis will be complete as the path towards Casper and Serenity is set rolling.

Hopefully, Constantinople will be a success and despite dump downs that usually follow hard forks, a smooth transition will see two EIPs go live. Petersberg will make amends, riding the buggy EIP 1283 and sealing off the possibility of re-entrance attack but what is important is the postponement of difficulty adjustment for another 12 months. Once this goes live, it will set in a mini-ice age as Ethereum work towards transiting from a proof of work system to a proof of stake algorithm.

Also Read: Crypto Expert Claims Short-Term Bear Market Calls for a “Melt Your Face Off” Rally, $750,000 Price Pump

At the same time, Thomas Chippas, the head of ErisX, is reviving talks of a possible Ethereum Futures. By filling a letter with the US CFTC, Thomas argues that Ethereum is an extension of Bitcoin functionality and approval of a regulated investment vehicle will help promote innovation while strengthening the derivative market.

ETH/USD Price Analysis

Clearly, our ETH/USD trade conditions are now live and with prices rallying past our minor resistance level and buy trigger line at $135, risk-off traders are deep in the green. Combined with supportive fundamentals as well as favorable candlestick arrangements, bulls of mid-Dec 2018 and early Jan 2019 are back.

Notice that aside from increasing market participation levels and swelling demand, prices are springing off the 61.8 percent and 78.6 percent support zone. When we refer to historical price movements, it is likely that ETH will rally towards the first major resistance at $170 and that means conservative traders with positions at $150 are likely to get in at fair prices.

It is after ETH bulls drive above $170–all of which are important resistance levels especially when we factor in bear breakouts of mid-Nov is when traders can project first targets at $250 and even $300. On the flip side, if there is liquidation at $170, it is likely that ETH prices will dip back to $150 and even $100 as sellers of Nov 2018 flow back in a bear trend resumption phase.

All Charts Courtesy of Trading View–BitFinex

Views and opinions expressed are those of the author. This is not investment advice. Trading of any form involves risk and so do your due diligence.