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.
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!
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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.
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