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
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