Analysis

Ethereum [ETH] enters into consolidation phase before the Constantinople upgrade

Ethereum [ETH]

After a brief decline witnessed by the cryptocurrency market yesterday, things seem to be back on track and normal service seems to have been restored. The market has turned into a sea of green with most of the coins trading in the red. The total market cap of the crypto industry stands at $134.5 billion which is a good sign and bodes well for the future. The flag bearer of the crypto industry, Bitcoin is hovering around the psychological barrier of $4000 and is trading at $3979, down by just one 0.48 percent in the last 24 hrs. At the time of print, the top altcoin, Ethereum [ETH] is trading at $147.84 and is up by 1.41 percent. The top altcoin has made a big splash this week and is riding high on the bullish momentum. The coin seems to be taking a breather as the Constantinople upgrade looms large and it looks all set to test the $150 mark.

ETH/USD

At the time of print, the coin is trading well above the support at $105.5500 and the coin seems to be going through a phase of consolidation after posting massive gains during the past week. The key resistance level for the coin stands at $142.7400 and the coin is trading well above it at $146. The hourly RSI indicator stands at 57.6504 and the currency is fast approaching the overbought zone. If we take a closer look at the MACD we’ll find that the coin is in the bullish zone and the 100 EMA line shows an uptrend. The Constantinople upgrade is scheduled to take place between 25th and 28th of February and there is always that probability of increased activity before that upgrade occurs.

ETH/BTC

At the time of print, the digital asset is up by 0.92 percent and one ETH is equivalent to 0.03714560 BTC.

Latest Updates

  • Earlier this month, Nasdaq announced that it will launch two new indices for Bitcoin and Ethereum. The indices named as Bitcoin Liquid Index (BLX) and Etherum Liquid Index (ELX) will be launched on 25 February. The two new indices from the stable of Nasdaq will be rolled out with the help of Brave new coin.
  • Earlier this month, the 385-member Enterprise Ethereum Alliance (EEA) announced that is planning to develop form a ‘Token Task Force’. As per the report, the ‘Token Task Force’ will not only work for assets which are interchangeable but also for tokens that are unique in nature and have unique properties like CryptoKitties.

See Also: Any use case of Ethereum no longer exists, says Craig Wright

Ethereum Foundation not mulling over spending $15 million on VDFs

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