Ethereum is going through a biggest technological up-gradation – transition from Proof of work consensus to Proof of stake consensus algorithm. They have recently activated Constantinople hard fork in Feb’2019. Ethereum price rose over 100% before last hard fork update. Hard fork has always been a major price driver for cryptocurrencies that we all know. Ethereum is preparing for its next major hard fork which is going to be activated somewhere around October – November. We can expect the price to keep rising before this hard fork update. So – Fundamental wise ethereum is looking overall Bullish. now let’s discuss technicals.

ETH/USD Daily (Kraken)

Elliot wave structure : ETH is currently in Wave3 which is longest wave its nature, we could expect the current wave to end above 250$

Price is making Higher hIghs and Higher lows by creating a rising uptrend channel.

Price is trading above 50,100 and 200MA daily.

ETH/USD Weekly (Kraken)

Price is currently above 21 MA support, Next key resistance is sitting at 55 MA around 290$.

Weekly is looking bullish, the price is continuously printing green candles since past few weeks.

MACD is bullish.

ETH/BTC Daily (Bittrex)

A descending triangle is formed on the daily chart which will most likely to breakout.

Price is currently holding 21 Weekly MA support, Price needs to hold above 21 MA for bullish price action.

Upside targets for ETH/BTC could be around at 55 Weekly MA- around 0.045 BTC.

Conclusion

Looking at technicals and fundamentals, We can conclude that there is a good probability for ethereum to reach 350$ before its next hard fork upgrade.

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