RATE Group | ETH/USD recovery stalls under $150 as Ethereum 2.0 developers change tactic
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ETH/USD recovery stalls under $150 as Ethereum 2.0 developers change tactic

08 Jan ETH/USD recovery stalls under $150 as Ethereum 2.0 developers change tactic

Posted at 07:27h in Ethereum News by

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  • Ethereum closed in $150 after the bulls strongly defended $140 – $142 support range on Tuesday.
  • Ethereum 2.0 offers endless possibilities and is being developed as a separate blockchain to the existing protocol.

Ethereum has since December 18 formed a higher high pattern. Short periods of consolidation have also had the tendency to break out resulting in higher corrections. For example, the consolidation above $140 came after Monday’s surge from $136 to $144. As Bitcoin rocketed above $8,000 on Tuesday, Ethereum pushed to levels around $147 but left $150 untested.

In the meantime, Ether is trading at $144.77 amidst a generally bullish market. The immediate upside is capped at $145 in addition to the resistance offered by the descending trendline. Ethereum still has the potential to trade above $160 in the short term but the bulls must first conquer the resistance at $150 as well as the 38.2% Fib Level.

On the downside, $140 is credible support likely to…

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