- Ethereum prices bearish, strong liquidation at $170
- Constantinople in progress
- Transaction volumes increase in last weeks but will accumulation trigger bulls
After previous attempts flopped, we expect the ongoing Constantinople upgrade to be a success. Whether that will rouse price action, we don’t know, but for bulls to be firmly in control, prices must rally above $170 or Dec 2018 highs.
Ethereum Price Analysis
Fundamentals
As you read this, and the second stage of the Metropolis could see Ethereum trudge closer to proof of stake in Serenity. In a two-way fork—a separate upgrade in St. Petersburg because of vulnerabilities presented in the last update, Ethereum will implement all their EIPs ensuring that the network is efficient, delaying the difficulty bomb by another year and reduce ETH rewards for miners from three to two in “thirdening.”“If you use an exchange (such as Coinbase, Kraken, or Binance), a web wallet service (such as Metamask, MyCrypto, or MyEtherWallet), a mobile wallet service (such as Coinbase Wallet, Status.im, or Trust Wallet), or a hardware wallet (such as Ledger, Trezor, or KeepKey) you do not need to do anything unless you are informed to take additional steps by your exchange or wallet service.”
Candlestick Arrangements
Regardless, ETH/USD is within a bull breakout pattern thanks to Feb 18-19 upswings that saw prices rally and conclusively close above $135. Therefore, considering this price action alignment, we shall consider Feb 24 draw down a retest, and for risk-off traders, every low should be a buying opportunity.
Meanwhile, risk-averse and conservative type of traders can only ramp up once prices rally above $170—our main resistance level and Dec 2018 highs.
