Ethereum is going through a biggest technological up-gradation – transition from Proof of work consensus to Proof of stake consensus algorithm. They have recently activated Constantinople hard fork in Feb’2019. Ethereum price rose over 100% before last hard fork update. Hard fork has always been a major price driver for cryptocurrencies that we all know. Ethereum is preparing for its next major hard fork which is going to be activated somewhere around October – November. We can expect the price to keep rising before this hard fork update. So – Fundamental wise ethereum is looking overall Bullish. now let’s discuss technicals.

• Elliot wave structure : ETH is currently in Wave3 which is longest wave its nature, we could expect the current wave to end above 250$
• Price is making Higher hIghs and Higher lows by creating a rising uptrend channel.
• Price is trading above 50,100 and 200MA daily.

• Price is currently above 21 MA support, Next key resistance is sitting at 55 MA around 290$.
• Weekly is looking bullish, the price is continuously printing green candles since past few weeks.
• MACD is bullish.

• A descending triangle is formed on the daily chart which will most likely to breakout.
• Price is currently holding 21 Weekly MA support, Price needs to hold above 21 MA for bullish price action.
• Upside targets for ETH/BTC could be around at 55 Weekly MA- around 0.045 BTC.

Conclusion

Looking at technicals and fundamentals, We can conclude that there is a good probability for ethereum to reach 350$ before its next hard fork upgrade.

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Hitesh Malviya

Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.