Ethereum Price Analysis: ETH Stays Bullish Despite Constantinople Fork Delay
- ETH price trimmed most its recent gains and declined below the $121 support area against the US Dollar.
- There was a break below a connecting bullish trend line with support at $120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair still remains supported on the downside above the $113 and $114 levels.
Ethereum price declined against the US Dollar and bitcoin after the Constantinople hard fork was postponed. However, ETH/USD could bounce back as long as it is above $113.
Ethereum Price Analysis
Yesterday, we saw a solid upside break above $121 and $124 in ETH price against the US Dollar. The ETH/USD pair even broke the $128 resistance and later spiked above the $130 level. However, the upside move was capped by the $131-132 zone. It also represents the 50% Fib retracement level of the key drop from the $151 high to $113 low. More importantly, the drop was due to the delay announcement of the Constantinople hard fork. The market reacted to the downside and the price dropped below $124.
Sellers gained traction and pushed the price below the 61.8% Fib retracement level of the recent wave from the $116 swing low to $132 swing high. More importantly, there was a break below a connecting bullish trend line with support at $120 on the hourly chart of ETH/USD. The pair settled below the $124 level and the 100 hourly simple moving average. The current price action is bearish below the $121 pivot level and the 76.4% Fib retracement level of the recent wave. On the downside, there are a few important supports near $114 and $113.
Looking at the chart, ETH price may correct a few points, but it is likely to revisit the $113 support area before a fresh bullish wave. On the upside, a break above the $121 and $124 levels is needed for a decent upward move.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently in the bearish wave, but it’s losing momentum.
Hourly RSI – The RSI for ETH/USD is currently well below the 50 level, with a slight bearish angle.
Major Support Level – $113
Major Resistance Level – $124