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  • Ethereum’s network is getting ready for a significant upgrade.
  • ETH/USD needs to regain grown above $120.00.

Ethereum is changing hands under $120 handle, mostly unchanged in recent 24 hours. The coin reclaimed the second place in the global cryptocurrency rating, compiled by CoinMarketCap. Currently, it has a total market value of $12.6B, while an average daily trading volume is registered at $3B.

Meanwhile, Ethereum’s new supply dropped to 13000 ETH per day on Sunday, which is the all-time low. The supply will remain unchanged until the Proof of Stake (PoS) Beacon chain fully launched. Then the issuance will be halved again.

Currently, it takes 20 seconds to mine a single block, while an average number of transactions is registered at 380,000, down from 580,000.

This period known as an Ice Age prepares the network for Constantinople update. It is expected that after it is activated will settle at 13400 ETH, the block time will drop to 14 seconds, while the miners’ reward will be reduced from 2 ETH to 3 ETH.

Ethereum’s technical picture

On the intraday level, ETH/USD is supported by SMA100 (4-hour) currently at $116.18. Once it below, the sell-off may be extended towards $111.80-$11.70. This barrier is created by a confluence of SMA50 (4-hour) and the upper boundary of the broken channel.

On the upside, we need a sustainable movement above $120.00 handle. It will open the way towards the recent high at $126.44 and psychological $130.00.

ETH/USD, 4-hour chart