- Ethereum likely to recovery ahead of the network upgrade before the end of February.
- The prevailing bearish endangers $130 support while $125.34 is the primary support.
Ethereum has not been able to recovery following the declines on Sunday last week. The exemplary performance of Ethereum throughout last week saw the crypto break above critical hurdles at $130, $140 and finally zoomed past $160. Moreover, ETH/USD stepped close to $170 but formed a high at $167.76 before the bearish action took center stage.
It is just days before Ethereum network undergoes a network upgrade. Experts in the market believe that ETH/USD is likely to recover towards the end of the week and even reclaim the position above $160 supported by the Constantinople and St. Petersburg upgrades. Ethereum developers are confident that the hard fork upgrade will go as planned owing to the fact that it was delayed in January after vulnerabilities were discovered.
The path to $160 is not going to be an easy one. However, with support from the above network upgrade, Ethereum bulls have the potential to reverse the trend. The initial support is seen at $139.47; the 38.2% Fib retracement level in the daily range. Ethereum is inclined to stay below $140 resistance in the coming two to three days. However, a break above $140 will be strongly opposed at $146.54; the 4-hour Bollinger Band Middle and the 50-day Simple Moving Average (SMA) in the same range. If Ethereum makes it above $150, it will face acute resistance at $153.61 before extending the gains towards $160.
Meanwhile, the current trend is still bearish but initial support has been established at $135.23; the 4-hour 100-day SMA. If the price slides below this level, the support at $130.99 risks giving in to the bear pressure. It is essential that the buyers defend this level from caving in. Otherwise, Ethereum price test the level close to $125.34; the 4-hour Bollinger Band Lower.
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