The price of Ethereum (ETH) continues in the uptrend. It breaks above the $280. The price is in the Positive Zone. It recently traded above the $275 resistance level versus the USD.
The price is well-supported in the $265 range. It is currently trending lower; however, it will be well-supported in the $265 and $262 range.
A primary Bullish trend line is forming with the support near $266 on the hourly chart of the ETH/USD. The pair is grinding higher, and it is expected for it to climb past the $278 and $280 ranges.
The price of ETH gained versus the USD but declined VS BTC; there are higher chances for the BTC to break above $280.
The ETH/USD clears the resistance area in the 100 hourly simple moving average. The price recently cleared the $270 and $275 resistance levels. The monthly high was at $279 before the price showed up its corrective trend.
There was support at $266 on the hourly chart of the ETH/USD. The 61.8% Fibonacci retracement from the previous slide from $279 to $263 is working out to be the resistance point. The price is currently moving lower, and it is making attempts to clear $272 level. This level might call for improved gains above $275 and $278. The sooner the price crosses the $280 barrier; it might rally towards $288 and $292 in the forthcoming sessions.
The significant support level is seen at $264, and the significant resistance level is seen at $278. The RSI for the ETH/USD is above the 50 levels. There are a few positive signs. The MACD is indicative of positive signs with a moving back in the bullish zone.
June 30, 2019, will be when the developers of Ethereum 2.0 will be facing with a phase Zero specification freeze. There are a couple of significant milestones which the network will have to achieve before the first deposit contract is launched to provide the validators with the ability to make their deposits.
Drake stated, “so that we can all agree on the address of the deposit contract and avoid scam deposit contracts.”
Justin Drake stated that the January 03, 2020 date was chosen for the launch of Ethereum 2.0 as it marked the 11th year ever since the start of the first Bitcoin block. This will also mark the new beginning as the launch is scheduled to take place after Christmas and New Year Celebrations.
Eleven years before, “January 03, 2009, the Bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of Bitcoin.”
By MAHEEN HERNANDEZ