- Ethereum abandons the unique 2019 surge and gets stuck in a narrow range.
- The short-term support at $150 is under threat as losses hit 1.81% on the day.
Ethereum kicked off 2019 as one of the biggest gainers in the market. It not only became the second largest crypto by market capitalization and reclaiming the position from Ripple’s XRP, but it also overcame significant resistance at $140 and $150. In the last one week, the asset has also broken above $160 and tested the psychological $170.
The impending Constantinople upgrade is expected to accord Ethereum more support as it heads for higher limits towards $200. However, the asset appears to have slowed down the momentum a week towards the upgrade. Ethereum sideways trading is currently limited in a narrow range between the $160 and $150.
The short-term support at $150 is under threat as the price is trending lower at the time of writing. ETH/USD is trading at $151, although it has traded a high of $153.45 on Tuesday 8. The cryptocurrency live rates provided by FXStreet show that there has been a 1.81% loss on the day. As covered yesterday the downstream move was ignited when the bears pushed the price below the trendline support at $160. For Ethereum to come out of the bear trend, buyers must defend the $150 support and push for a reversal above $160.
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ETH/USD 1-hour chart