- Ethereum price loses steam short of $145, allowing the bears back into the driver seat.
- The path of least resistance is downwards based on the drab prevailing technical picture.
- Ethereum co-founder Vitalik Buterin shares his personal ETH 2.0 roadmap with the community on Twitter.
Ethereum price confidently stepped above $140 resistance level on Thursday. The bullish action was in tandem with Bitcoin’s surge above $6,000. However, a weekly high was formed at $144.35, which left a gap that continues to explored by the bulls. The resistance at $145 has been tested more than once, making this zone a critical one for ETH/USD.
At the time of writing, ETH/USD is dancing at $136.55. The path of least resistance is clearly to the downside based on the technical picture. The RSI has retreated from the overbought and is moving sharply downwards. Ethereum bears are gaining traction and if not stopped at $136 they are likely to force the price back to the key level at $130. Ethereum’s major support holds the ground at $115 while $100 is the primary support area.
On the brighter side, the price is teetering above the moving averages. With the 50 SMA above the 100 SMA on the hourly chart, it is apparent that bullish pressure is still present. Besides, for the first time in five days, ETH/USD is trading above the 23.6% Fibonacci retracement level taken between the last drop from $253 to a low at $90.00. Both the 50 SMA and the 100 SMA will work as support areas if losses extend under $120.
ETH/USD 1-hour chart
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Ethereum 2.0 development
The co-founder of Ethereum, Vitalik Buterin this week shared his personal roadmap for the much-anticipated ETH 2.0. The tweet took into account a period of five to ten years exploring the protocol’s development progress. Ethereum 2.0 is the protocol in development but aims to transform Ethereum into a network that supports over 1,000 transactions per second (TPS), introduces the sharding technology and the Proof of Stake (PoS) consensus algorithm. According to Buterin:
“The “quadratic sharding as end of history” approach ensures there will not need to be a further upgrade as large as the eth1 -> eth2 one; rather, from eth2 onwards things will be much more incremental.”
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