On the brink of a foul: as the abolition of hard forks Constantinople influenced the price of Ethereum?

Over the past couple of days the Ethereum and failed to break through key resistance lines on the chart. Cryptocurrency continues to gradually decline, but buyers managed to reflect the beginning of a potential drain of up to $ 100.

The General situation looks like this:

  • because of the strong pressure of bears, the asset cannot settle above $ 125;
  • on the 1-hour chart formed a local line bearish trend with resistance around the $ 127;
  • the probability of a bounce up near $ 120 is still high.

At the moment Ethereum is trading at 122 dollars. For the past day the cryptocurrency was down 0.6 percent.

Technical analysis

Monday the activity of sellers in the market gradually increased, which led to the reduction of Ethereum to the support zone of $ 118. At this level, the asset was supported by the buyers, so after a while cryptocurrency rolled up. The bulls even managed to break through the 0.5 Fibonacci laid on the last wave draining from 130 to 117 dollars.

Unfortunately, even this movement was not enough to Live fixated above the moving average SMA 100. Due to unsuccessful testing of the resistance began a new local decrease, which led to the bitcoin current market price.

Now Ethereum is in the process of consolidation right below 100 SMA, which can be perceived as a sign of indecision of market players. In the near future recommend to monitor the situation and wait for a rise above $ 125. You can then open a long position. In a bear scenario, the fall below $ 118 will be the signal for decrease of an asset to $ 100.

Source: TradingView

The readings of technical indicators do not indicate growth at least at the scale of 1-hourly chart. The MACD is still in bearish zone and the RSI indicates no clear trend.

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