- 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.
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.
$ETH btc pair – no idea if eth has bottomed but keeping it simple rn.
Break this 2 year bearish diagonal line and eth/btc goes into consolidation. Break 24 and a new alt/btc bull run starts which will last at least 2 years (usually bull lasts longer than bear). pic.twitter.com/9QkjMym8G8
— Nika❄️ (@G_maker) December 30, 2019
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.
— samson.btc (@Excellion) December 29, 2019
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
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.