EthereumMarket Updates

Market Analysis: ETH Price Update: Istanbul to Have Major Impact?

0

Ethereum plans to activate the Istanbul hard fork on their Mainnet on December 7, 2019 which they say is intended to help the ETH platform overcome its scaling issues.

This update will have six amendments to the code, all projected to improve the performance of the overall Ethereum blockchain.

So it’s only natural that all eyes for traders and investors are fairly set on the Ethereum chart.

ETH, Ethereum Price, Istanbul
ETH on the 1D, Bitmex

The ETH price had at one point increased by 300% from it’s original bear market lows back on Dec 17th of 2018, but now faces the possibility of seeing those lows again after losing it’s bullish market structure.

Price recently came down to the 140 support that had acted as the origin of impulse before rocketing to $370 mid 2019. It recently traded below that level for a brief period of time and now sits in the middle of two very important ranges.

A break up will allow it to challenge the last major lower high that sits at $180 which also acted as the first major resistance after the initial breakout.

While a break below the range will likely lead to $114 and possibly testing the bear market lows again. Ethereum in the past has lead the market on multiple occasions and has the chance to do so here again.

Pick your side!

Check out our Live TA Platform for all the latest charts and updates!

For more Market Updates similar to this article covering the ETH Price click here.

About Pentoshi

Pentoshi is a macro trend trader who specializes in price action technical analysis utilizing high time frame pivots. A full time Crypto trader who is now directing focus on trading education.

Follow him on Twitter

The Daily Chain
Inform. Educate. Succeed

Alex Libertas
Alex is the Founder of The Daily Chain and has been in the space for just over two years. Fascinated by the community and everything that blockchain has to offer, Alex dedicated himself to creating content and contributing back to the industry.

The Daily Chain Primers: WOM Protocol Introduction

Previous article

Technical Analysis: Deviations (Temporary S/R Flips)

Next article

Comments

Leave a reply

You may also like

More in Ethereum