- The Ethereum (ETH) price has been cooling over the past two sessions, after the big surge north on Tuesday.
- ETH/USD is set for a potential retest of the breached descending wedge formation, attempting to complete the move ahead of further upside.
ETH/USD: Recent Price Behavior
The price over the last two days has been slowing down after its recent surge higher. ETH/USD was moving within a descending wedge pattern formation before the bulls managed to force a breakout to the upside from its confinements. It jumped a whopping 13% to new highs for the month and the highest level in over a week. Given the fast and aggressive push north initially, the price appears vulnerable to some exhaustion from that.
Fidelity on Ethereum Support
The president of Fidelity Digital Assets (FDAS) Tom Jessop detailed that the organization will be considering support for . He mentioned that the Fidelity Investments digital asset and custody branch has developed some framework around the evaluation of . Jessop covered that the evaluation process for follows a similar framework as and that the organization will support projects with potential. Currently, the organization has only given () its nod of approval, but Jessop has stated that Ether and other popular can possibly see support. He said:
“We’re currently supporting ; we have designs to support other coins over the balance of the year centre to various criteria including our in-house selection framework, where we look … at client demand and other things.”
Specifically speaking on :
“We’d love to have support Ether, but you know you have a hard fork coming up and some upgrades, so I think we’re trying to see how those things work out before we decide to put them on the platform.”
Lastly, Jessop spoke about what they will support in terms of the order to expect and said:
“We will probably go in market cap order, that’s where the demand is, but it doesn’t mean that we will list every coin. There may be reasons why we won’t list a coin that has nothing to do with quite frankly client demand”.
Technical Review — ETH/USD
ETH/USD daily chart.
ETH/USD is heading back for a retest of the breached pattern formation after the escape on 5th March. The move is seemingly ready to play out to the textbook with the breakout and retest. Eyes are now on the upper part of the noted structure; the support is tracking around the $133 price territory. Should this fail to comfort the price, then a chunky wave of selling pressure may follow. The price would be once again forced to seek potential buyers within the below demand, $136-$128. A failure of this holding would then likely see another retest of the significant psychological $100 mark.
To the upside, if the bulls manage to use this as a springboard, then a significant reversal could be seen of the 24th February drop. The target area of interest would be the $165-$170 price region, where ETH/USD has faltered now twice this year — January and February.
Thank you!
Published at Fri, 08 Mar 2019 16:11:50 +0000
