- The upgrade is expected to take place at Ethereum block height 7,080,000.
- Ethereum rejected at the 38.2% Fib level; bearish trend could council the gains.
The market made a slight recovery across the board yesterday during the evening (GMT) session. Ethereum joined in the bullish momentum that saw it bounce from the lows it had formed around $114.61. The upside correction cleared the descending trendline resistance at $117.78. This ignited a sharp jump in an engulfing candle where the price pushed above $130. However, the trend was not strong enough to take Ethereum above the 38.2% Fib level of the last swing high of $158.14 and low of $114.45.
In other news, both U.S.-based Coinbase and Kraken exchanges have pledged their support for the upcoming Ethereum Constantinople upgrade. Other leading exchanges like Binance, Huobi as well as OKEx had already announced their support. The upgrade is expected to take place at Ethereum block height 7,080,000.
“Coinbase intends to fully support the Constantinople Ethereum (ETH) upgrade,” the announcement continued, “Upon commencement of the upgrade, for security and technical purposes, we will temporarily pause sending and receiving ETH across all of our trading platforms until the upgrade completes and we confirm security of the network.”
Kraken, on the other hand, wrote on Twitter that “Kraken will be supporting this,” moreover “No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete.”
Meanwhile, Ethereum is trading at $128.80 following the above-mentioned recovery. However, the trend is strongly bearish. The 38.2% Fib level resistance is proving to be an uphill task. There is a growing bearish trend on the hourly chart. Continued lower movements will find support 100-day Simple Moving Average (SMA), which currently coincides with the 23.6% Fib level. Slightly below this, the 50-day SMA currently at $123.4 will offer additional support although the major support rests at the recent low around $114.61.
ETH/USD 60′ chart
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