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  • A move above $180  improved the technical picture.
  • ETH developer teams collaboration bodes well for the coin.

The second-largest cryptocurrency with the current market capitalization of $19.6 billion has broken above $180.00 to trade at  $182.40 to trade at the time of writing.  ETH/USD has gained 2.2% on a day-on-day basis and about 1% since the beginning of the day.

Meanwhile, Ethereum network is getting closer to ETH 2.0 update launch. In a recent development on of the developer teams working on the update brought together developers from different projects to work jointly on interoperability issues.

“Happening now, somewhere deep in the woods of Ontario… Team Artemis has brought 45 people from across client dev teams,@ethereum, and @Whiteblock to work on #interoperability in #ETH2 in a week-long event Stay tuned for post-event updates of this meeting of the minds!” PegaSys – a developer of Ethereum clients and tools for business – tweeted recently.

This news might have served as a positive catalyst for ETH in the short run.

Ethereum’s technical picture

Looking technically, initial support is created by a confluence of the middle line of 4-hour Bollinger Band, SMA50 (Simple Moving Average) and SMA100 4-hour on approach to $177.00. It is followed by the recent low of $176.26 and the lower line of 4-hour Bollinger Band at $171.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $170.00.  

On the upside, the resistance is created by the upper line of 1-hour Bollinger Band at $184.00, followed by the upper line of 4-hour Bollinger Band at $187.00.

ETH/USD, 4-hour chart