Ethereum Price Analysis: ETH/USD gunning for $200 mark, supported technically and fundamentally
- Ethereum price is outperforming its peers, holding gains on Tuesday of some 7%.
- There is much positive optimism heading into the constantinople hard fork on 16th January.
The Ethereum price on Wednesday is a huge out-performer versus many of its peers, running with chunky gains of over 7%. Momentum towards the latter stages of the day maintaining its course to the north.
There is a sense of positive optimism across the Ethereum community, heading into the constantinople hard fork. This is scheduled on January 16th, which is expected to largely optimize speed and cost.
ETH/USD is supported by an ascending trend line, which can be seen via the 4-hour chart view. This has been running since 16th December, upon commencing this strong upward trend. Major support can be seen back at the $132 territory, where the trend line tracks. The next major area to breakdown for the bulls will be $155-160 area, where some supply is seen. A firm break above can open the door for a move towards $180 and then the psychological $200 mark.
ETH/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
