ETH Trending At $150 New Resistance Might Show Up Between $170 and $180January 14, 2020
Ethereum (ETH) is trending at $150 after a 5% pump over the past 24 hours. The ETH has been consolidating towards the uptrend since the beginning of 2020, and the price is now back to the 20-day EMA. However, when compared to the past year’s high, the current price is too far from it. And it has a lot to do to recover. The current positive momentum is set to continue over the next few weeks.
The ETH might continue to pump towards the 50-day and 200-day EMAs over the next week. The price is now a lot below the 200-day EMA. The volatility will increase.
Sydney Ifergan, the crypto expert, tweeted: “#ETH is a lot below the 200-day EMA, the volatility is set to increase, and buyers are taking control. It is time for #investors to make hay while the sun shines.”
The price of the ETH is set to rebound to the upside. Since the start of the New Year, ETH has been trending in the lower highs. Lower highs are yet another bullish signal.
ETH New resistance at $170 and $180 – Technical Favor $200
With ETH trending at $150, new resistance might show up near 200-day EMA between $170 and $180.
While $200 might seem like a lot, far away technical indicators support the possibility. The current price action of ETH is working past the seven-months falling wedge chart structure. The importance of this chart pattern is that if the wedge turns out to be a support factor, the ETH might press a lot higher than the current trends.
The fundamental analysis projects a definite possibility of an upward trend.
Ethereum 2.0 Serenity
Andrew Keys, Darma Capital, stated, “Proof of Stake Ethereum exists. It’s alive! The roadmap to Serenity is in full effect. 2020 will see Ethereum move stridently beyond Phase 0 of Ethereum 2.0, onto Phase 1 and the launch of shard chains. Then, it’s game on.” Further adding, “With the rollout of the Istanbul hard fork, Ethereum is on its way towards 2.0 levels of scalability at layer one.”
Eric.eth tweeted: “Ethereum 2.0 Phase 0 spec v0.10.0 has been released. This is the version that will now go to audit and be the base for the multi-client testnet.”
Meanwhile, Carl Beekhuizen, Eth2.0 Researcher at the Ethereum Foundation, tweeted: “Check out my latest blog post on the incentives of eth2. I recon it clarifies a lot by explaining things from both a validator and protocol perspective.”
Hopefully, 2020 will reveal if Ethereum 2.0 fulfills the five design goals of decentralization, resilience, security, simplicity, security, and longevity.