Ethereum top-gainer following Constantinople announcement: Ethereum [ETH] Technical Analysis
Following what has been a dismal few weeks, the collective market cap dropped to $103 billion on December 5, after proponents of Bitcoin Cash [BCH] were slapped with a lawsuit over hardfork manipulations. BCH still faces a deep red, while competing coins aim to recover and push the market cap back up. Leading the charge is Ethereum [ETH] which has shown the biggest gains in the top-10, as the market cap broke the $110 billion mark earlier today.
Ethereum spurred community sentiments with the announcement of its Constantinople upgrade, which is to be implemented on block #7,080,000 and will take place between January 14 to January 18, 2019, as confirmed by Péter Szilágyi, a team lead at Ethereum. The hardfork will add key features for developers, while miner rewards will drop from 3ETH to 2ETH per block, according to Trustnodes.
During the November debacle, Ethereum was dislodged as the ‘top altcoin’ with XRP’s resistance pushing it above ETH. The gap, which was over $8 billion is now just $3 billion, with Ethereum looking to pounce. XRP is also trading in the green, but its rise is nowhere close to Ethereum’s, with the latter hoping to ride this bullish wave and break the $100 price mark it dipped below yesterday.
The key support level of the coin is placed at $85.62, which the coin dipped below on December 7. The key resistance level of the coin is $118.64, which the coin last broke past on December 2. The MACD line shows that the coin broke into a bullish zone, at 0000 UTC on Saturday, while the 100 EMA line suggests that the coin is still in a downtrend looking to break through.
After languishing in the ‘oversold’ trenches on December 6 and 7, the coin has attracted investors, who are now increasingly purchasing the number 2 altcoin. The RSI of the coin rose from 18.19 on Thursday to 64.95 on Friday, currently, the RSI has dropped mildly and is 50.31. The trading range exhibited by the coin is $92.73-$100.5, with the hovering on the lower end of the scale. At press time, Ethereum has surged by 7.01% against the U.S. dollar and is priced at $93.11.
The virtual currency has increased against the mildly improving Bitcoin [BTC] by 5.69% and at press time, one ETH is equivalent to 0.02674108 BTC.
Ethereum’s market cap plummeted past the $10 billion mark on Thursday, and following the BCH induced market fall on Friday, Ethereum fell to $8.68 billion, the lowest point since May 2017. At 1900 UTC on Friday, ETH’s market cap was $8.79 billion and in just 1 hour it rose by 13.31% to reach $9.96 billion. In the next few hours, the market cap lost about $300 billion, broke the $10 billion at 0100 UTC on December 8 after settling at the current market cap of $9.62 billion.
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