ETH began its bullish run in anticipation of the network upgrade planned for Jan 16 or sooner.
By observing recent price action we can see ETH is currently at very significant resistance area. Currently testing median line, 0.618 FIB, 100 Day EMA/MA and previous swing low support now turned resistance.
General consensus is breakout to the upside, however one must consider how much of the upgrade news is already priced in.
Regardless of the news, price action is key and what happens at this level in the next day or two could determine price direction for the next few days leading up to the hard fork.
By observing recent price action we can see ETH is currently at very significant resistance area. Currently testing median line, 0.618 FIB, 100 Day EMA/MA and previous swing low support now turned resistance.
General consensus is breakout to the upside, however one must consider how much of the upgrade news is already priced in.
Regardless of the news, price action is key and what happens at this level in the next day or two could determine price direction for the next few days leading up to the hard fork.