- The unstoppable Ethereum zoomed past $130 and $140 resistance.
- Constantinople upgrade will lay the framework for the implementation Ethereum 2.0.
Ethereum has disapproved the predictions that the impending upgrade was going to culminate in the crypto diving further south by reversing the trend above several key resistance levels. ETH/USD closed the week trading roughly at $123.59. However, the crypto corrected higher on Monday and cleared the resistance at $130.
The unstoppable Ethereum zoomed past the next hurdle at $140. Moreover, it is up 8.11% on the day to be valued at $145 at press time. According to the technical indicators, the bullish momentum is likely to continue as Ethereum bulls target $150. The 4-hour 50-day Simple Moving Average (SMA) is above the longer term 100-period SMA to show that the buyers still have an edge above the bears in the short-term. Similarly, the crypto is ignoring the oversold levels to show that Ethereum had been trading below its market value and could continue to rise.
Ethereum is said to be flying the bullish flag high due to the support from the much-awaited Constantinople upgrade. The network upgrade makes the third stage of Ethereum’s four-stage road map. It will lay the framework for implementing Ethereum 2.0, otherwise referred to as Serenity. The upgrade was to take place mid-January 2019 but was postponed following the discovery of various vulnerabilities. It is now scheduled to take place at block 7,280,000, therefore placing it towards the end of February.
ETH/USD 4-hour chart