ETH/USD May Have to Return to $80 Territory, Despite 2.0 Progression

The Ethereum price has managed to stabilize over the past five sessions after the selling pressure that came into play at the back-end of January. The downside was triggered, as the bears managed to force a breakout from a narrowing daily range. There seems to be a repetitive pattern now – range-block formations, periods of sideways trading – ahead of an intense moves south. ETH/USD continues to flirt around the lowest levels seen since 20thDecember 2018, with vulnerabilities pointing to the downside.In terms of Serenity, this is part of the last within a series of four stages that have bene set out in the platform’s roadmap. Currently, the network is in the third stage – Metropolis, which consists of two system-wide hard forks, Byzantium and Constantinople. These will both be paving the way for the anticipated Ethereum 2.0. As a reminder, Constantinople was delayed to the back-end of Februaryp due to further issues experienced just some days ahead of the update.Looking to the upside, given the continuous consolidation, various small resistance barriers are now eyed. It is also worth noting that price action has formed a descending wedge formation. This could be subject to an eventual breakout to the upside, if playing out to the textbook. The only question is, how far lower before that is seen.

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