Home Ethereum price prediction: Looming bull run ahead Constantinople upgrade – Confluence Detector
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Ethereum price prediction: Looming bull run ahead Constantinople upgrade – Confluence Detector

  • Ethereum network is gearing up for the Constantinople hard fork upgrade.
  • Expect Ethereum price to correct higher in the days leading to the hard fork

It seems that Ethereum is gaining traction following the brief spike on Monday. We saw the bulls stage a recovery attack from the major support at $114.5 (2019 lows). On zooming past the trendline resistance, ETH gained more power and cleared the 23.6% Fib retracement level between a previous high of $158.3 and a low of $114.45.

Although the uptrend continued above this level, Ethereum could not sustain growth past the 38.2% Fib level. There was stability during the Asian trading hours on Tuesday 15. However, slight drop occurred during the European hours. ETH/USD slipped towards $125 but has bounced up and is currently holding position above $130.

Ethereum network is gearing up for the Constantinople hard fork upgrade. The upgrade is expected to take place sometime this week when the set block is arrived at. This upgrade is being carried out in order to lay the groundwork for bigger upgrades such as the Proof-of-Stake consensus algorithm and the sharding technology among others. It is also expected to reduce the block reward for miners among other vital things.

Read more on the upgrade here.

We expect Ethereum to correct higher in the days leading to the hard fork and the days after the upgrade. Meanwhile, breaking above the 38.2% Fib level is the immediate target for Ethereum bulls. If the bulls can recover above this level, they will encounter more resistance at $131.33 and $136.65 – $139.32 before stepping above the psychological $140.00.

Ethereum has no shortage of support levels with the initial highlighted by the confluence detector tool at $126.00. The next support target is at $123.34 while a stronger support exists below the recent low, particularly at $114.02.

 

 

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