- Ethereum readies for the new year rally a head of the much awaited hard fork upgrade.
- Ethereum price corrects from weekend high at $150.
Ethereum has been on the receiving end throughout 2018. However, the third largest crypto in the market is currently getting ready to take on 2019 by storm. Various experts in the industry have predicted that that Ethereum will be among the assets that will record incredible gains.
The developers of Ethereum are working on the January scheduled hard fork. The upgrade is referred to as Ethereum Constantipole and will see the network bring on board several new features. In addition, the hard fork will lay the ground for bigger upgrades like the Proof of Work (PoW) transition to Proof of Stake (PoS).
Ethereum lead developer, Joseph Lubin recently encouraged the community saying that “the sky is not falling.” He said that development within the network is on track which is going culminate in “the continued maturation of the token economy, which will see many exciting consumer utility tokens and tokenized security launched in the new year.”
Ethereum price technical picture
Ethereum is poised for the new year rally prior to the Constantipole upgrade. The asset is focused on reclaiming its position as the largest altcoin. Ethereum was purged from the position when Ripple’s XRP market capitalization surpassed its own some months back. At the moment, ETH market cap stands at $14.26 billion in comparison to XRP’s $14.81 billion.
Its trading volume stands at $2.55 billion in the last 24 hours and is slightly in the green with a 0.33% rise in the same period. Ethereum opened the trading on Monday 31 at $141.60 and has traded highs around $141.84. The prevailing trend is bearish but ETH is trading above the moving averages on the 2-hour time frame chart. Before the ongoing retracement ETH/USD embarked on a recovery journey over the last weekend from the lows around $114.65 and brushed shoulders with $150. As things stand now, Ethereum path of least resistance is sideways with the RSI being horizontal at 51% and the MACD motionless slightly above the mean line.
ETH/USD 2-hour chart
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