ETH – bullish mode turned on?

BITTREX:ETHBTC   Ethereum / Bitcoin
Hi Guys!
As probably most of you noticed ETH has changed its direction into the north.
Let’s not get too optimistic too quickly.
Let’s figure it out.

On the 16th of January, we have a Constantinople hard fork. There will be no airdrop. This is just the technical update to solve some problems with a speed of the network and scalability.
As officially claimed the costs of certain operations on the blockchain should consume 10 times less gas as previously which is actually massive positive info.

EIP – 1052 update which enables smart contracts to verify code in other smart contracts more efficiently.
EIP – 1234 – Constantinople difficulty bomb 1-year delay and block reward adjustment. They want to step by step phasing out PoW in favour of POS .

Mining reward will decline from 3ETH to 2 ETH per block which will reduce yearly inflation .
A final goal of this action is to make the price of ETH higher. We all know when there is a shortage of something and high demand the price goes higher.

Binance has announced they will support this hard fork so you don’t have to worry about losing your tokens.

So let’s get down to technical analysis . Here are details:
• All EMAs on 1D chart are broken. This is a strong bullish pattern .
Bollinger Bands – still in a strong bullish zone.
MACD – positive divergence since April 2018
• Weis Volume - The biggest positive volume up to 11 months and still almost no supply.
• Visible Range - elegantly bounced from the bottom of Value Area which is the price range of 70% of all trades in the given time span. Far below Point of Control (red line) and top of the Value Are which is the price range of 70% of all trades in the given time span.
• Stop-loss at 0.025
• This might be a long-term trade

So this looks pretty good.
We may encounter some correction but it should happen close to hard fork (16th of January).

Are you already in or do you consider investing in it?
Please do share your opinions in the comment section.

Thank for being here and for all your support.

WBM Team

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