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  • ETH is rangebound, capped by $165.00 resistance.
  • Code for ethereum’s  proof-of-stake (PoS) protocol is mostly finished.

ETH/USD is changing hands at $162.20 off the intraday high of $163.34. The second largest digital asset has been rangebound during early Asian hours, with the recovery capped by $165.00 handle, created by a confluence of strong technical levels, including the upper boundary of 4-hour Bollinger Band, SMA200 and SMA100 (4-hour).  

Code for ethereum’s  proof-of-stake (PoS) protocol may be finished in the next month, according to ethereum developers. During a regular conference call they confirmed that the first phase of transition to a proof-of-stake network would be finalized by June 30.

“I’ve been continuing to fine comb Phase Zero in preparation for the spec freeze which we’re targeting for the 30th of June. We’re still very much on track. Still, [code]simplifications are coming through which is great and the process of fine combing is also for finding final bugs,” Ethereum Foundation researcher Justin Drake commented.

The much-awaited update will change the way the network created block and verifies transactions.  

ETH/USD, 4-hour chart