At the time of writing, Ethereum (ETH) is trading at around $147 following a 2% increase in price since last week.
The world’s second-largest cryptocurrency by market cap has been consolidating over the past few days, as most altcoins have been doing lately.
As mentioned last week, Ethereum is on a clear consolidation path that started back in mid-November after the overall market dipped due to Bitcoin’s huge move to the downside.
And it seems the downtrend is still in play, at least until we see a clear sign of a reversal.
Let’s take a look at the chart for Ethereum, courtesy of TradingView.
During the second half of the year, ETH has been attempting to consolidate and recover following the huge market downturn in the summer.
However, over the course of September and October, ETH was making a number of lower highs. Up until the end of October, it was struggling to hold on to any gains.
Then, out of nowhere, a pump pushed price towards the 50-day EMA, blasting through a key volume resistance wall near $180.
Price went from $180 to over $220 in just a couple of days, representing an increase of over 22%. However, the sentiment has now shifted once again.
The current ETH/USD trend
ETH is currently back below all its EMAs, and price is looking likely to fall further.
For now, I would aim at making minor entries while the price is still below the 200-day EMA. Volume-wise, ETH is hovering close to $6.5 billion, much like last week.
At the moment, sellers are clearly in control, which means volatility to the downside can be expected.
On a more positive note, the Istanbul upgrade has been implemented successfully with only a few minor issues. This hard fork was quite an important step towards ETH 2.0 and has implemented improved functionality and lower gas fees.
To conclude, I personally believe we can expect a testnet release of the new Casper PoS soon, at least by the first quarter of 2020.
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum. Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy in to his proposal.
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