Heading into the ETH 2.0 launch on Dec 1, the Ethereum holders remain wary over the prospects for the second-most widely traded digital asset.
Following last week’s slide, has Ethereum’s time finally arrived or is it a sell on the rollout news?
The next generation of Ethereum set to be launched this week is only the initial phase and “there’s still a lot of work left to do for the full ETH2 upgrade,” Justin Drake, ETH2 researcher at the Ethereum Foundation said last Wednesday.
Let's see how the No.2 coin in positioned technically.
ETH/USD: 4-hour chart
As observed in the four-hour chart, ETH bulls are struggling to extend the recovery mode from weekly lows of $480.08, as the upward-sloping 50-simple moving average (SMA) at $553 offers strong resistance.
Acceptance above the latter is critical to unleashing additional upside. Thursday’s high of $577 could challenge the bulls’ commitment.
The Relative Strength Index (RSI) points higher, currently at 67.78, backing the case for more gains.
On the flip side, powerful support awaits at the 21-SMA of $523. The upside bias likely remains intact so long as the bulls hold above the bullish 100-SMA at $513.
ETH/USD: Daily chart
Ethereum’s outlook on the daily chart also appears quite constructive, with the bullish 21-daily moving average (DMA) at $507 keeping the buyers hopeful.
The 14-day RSI looks north (at 61.82) while above the midline, adding credence to the upbeat picture.
Also, the price trades above all the major averages, as the path of least resistance appears to the upside.
Reprinted from FX Street. The copyright is reserved by the original author.
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