Ethereum price action has been closely associated with Bitcoin in recent weeks, which has caused ETH prices to fall in the lower region of $150, for which it has been able to find some level of support.
The long-awaited Ethereum Hard Forks in Istanbul have coincided with ETH’s continuing downtrend. It seems that investors are not too excited about this latest development, as suppliers firmly maintain control of the cryptocurrency.
Ethereum struggles to gain momentum on the rise Despite Istanbul’s Hard Fork
At the time of writing, Ethereum is trading more than 1% at its current price of $151. A slight rise from its recent highs of $146 seen several times during the past week.
It is important to note that Ethereum faced some resistance at $152. Which seems to be a strong level of resistance to cryptocurrency. It is important to keep in mind that ETH has gained an upward momentum today as Bitcoin. It begins to move towards its short-term resistance level at 8,000.
Ethereum has been trapped inside a side trading firm in what appears to be an incredibly strong support level for crypto. Since it suffered a sharp decline to a loss of $135 at the end of November.
An event that some investors were seeing as a potential catalyst is the Istanbul hard fork of Ethereum. Which has been successfully implemented today.
Teddy, a popular cryptocurrency analyst on Twitter, said about this fork delayed in a recent tweet. He said: “After 950 delays, #Ethereum has finally completed its hard work: Istanbul.”
Will the strongest multi-year resistance force ETH be less?
It important to keep in mind that Ethereum has been trapped under strong level of falling resistance for 2 years. It has shown some signs of having enough strength to overcome this level.
Teddy also talked about this resistance in a tweet, it creates problems for future action of the crypto price.
Although no one is likely to dominate Ethereum’s short-term price action in Istanbul. It is very likely that ETH will overcome its strong resistance if Bitcoin gains a notable upward momentum.