Ethereum [ETH] Targets Key Resistance As Binance Integrates Support For Muir Glacier Hard Fork


Among ICOs and Partnerships Ethereum Rises 30%
Among ICOs and Partnerships Ethereum Rises 30%

Ethereum [ETH] Targets Key Resistance As Binance Integrates Support For Muir Glacier Hard Fork

  • Ethereum (ETH) gains 3.06% in the past 24 hours as Muir Glacier hard fork approaches on block 9,200,000.
  • Binance announces support for Ethereum’s hard fork.

The second largest cryptocurrency looks set to teat key support levels in the coming days despite the development community eagerly awaiting the Muir Glacier hard fork on New Years’ day (approximately at block 9,200,000). While a number of exchanges are yet to confirm their support for the hard fork, Binance’s support team confirmed the exchange will offer backing to the 2020 hard fork.

ETH/USD bulls target key resistance at $156 USD

Looking at the longer timeframe charts, ETH/USD looks set to push towards key resistance levels at $156.20 USD if bulls are able to keep their momentum growing. Currently trading at $135.48 USD, representing a slight 3% increase on the day, ETH looks set to boost past the psychological $150-mark and possibly break resistance at $156.00 USD.

ETHUSD

The relative strength of bulls in the market is currently oscillating in the middle band, way off the overbought region, showing signals of the continuation of the current 4-day bullish momentum. The bounce off key support at $123.50 USD on Boxing day in the early Asian trading hours, showed the zeal of bulls to retake the ETH/USD market. However to breach resistance, the buy volumes will need to increase across the market as the community eagerly awaits on the January 1st hard fork.

Notwithstanding, ETH/BTC pair seems to have hit the bottom as the price touched the diagonal on the longer timeframes, breaking the 2-year bearish run against the pioneer cryptocurrency. One crypto trader on Twitter believes a break above the diagonal will effectively usher in an altseason. Can Ethereum bulls push the coin past the bearish wedge?

Binance to support Ethereum’s Muir Glacier hardfork

Well, with one of the largest crypto exchanges, Binance, offering its support to the Muir Glacier hard fork, the death of the sustained bearish pressure may be around the corner. There has been jokes and memes shared through social media on the purported failure of the Ethereum hard fork given the date switch to an international holiday (New Years’ day) and a number of exchanges yet to support the fork.

However, with Binance, one of the exchanges holding the most number of ETH, accepting to support the hard fork, all may not look so gloomy on the token come 2020.

Read more on what to do if you own ETH stored in Binance wallets.

Image sourced from TradingView

Author: Lujan Odera
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
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Lujan Odera 385 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
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