Ethereum Price Weekly Analysis: ETH Facing Uphill Task Near $128
ETH price faced a strong resistance near the $127 and $128 levels recently against the US Dollar.
There is a major bearish trend line formed with resistance at $125 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair must break the $125, $127 and $128 resistance levels to move into a positive zone.
price is struggling to clear many hurdles versus the US Dollar and . ETH/USD may climb higher sharply once there is a close above $128 and $130.
Ethereum Price Analysis
This past week, ETH price above the $132 and $133 resistance levels against the US Dollar. The ETH/USD pair tested the $133 level, but it failed to gain traction. As a result, there was a fresh decline and the price moved below the $130 and $125 support levels. There was a break below the 122 level and the price settled below the 100 simple moving average (4-hours). Moreover, there was a break below the 61.8% Fib retracement level of the last wave from the $113 swing low to $133 high.
The price tested the $117-118 support and found a decent buying interest. Besides, the 76.4% Fib retracement level of the last wave from the $113 swing low to $133 high acted as a support. Later, the price recovered, but it seems to be struggling to clear the $127 and $128 resistance levels. More importantly, there is a major bearish trend line formed with resistance at $125 on the 4-hours chart of ETH/USD. Therefore, the price must break the $125, $127 and $128 resistance levels to start a . The next key resistance is at $133, above which the price may climb towards the $140 level.
The above indicates that ETH price remains well supported near the $120 and $117 support levels. Having said that, a break above $128 is needed for a decent bullish wave.
Technical Indicators
4-hours MACD – The MACD for ETH/USD is slowly moving into the bullish zone, with a few bullish signs.
4-hours RSI – The RSI for ETH/USD is now placed nicely above the 30 level.
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While bitcoin Unlimited is gaining traction among miners, only a handful of bitcoin companies are in favor of its bigger block and Emergent Consensus proposal.
Breakdown by Company
The scaling debate in which two predominant bitcoin improvement proposals, SegWit and bitcoin Unlimited, are competing for miners’ support is becoming more and more intense.
As the debate escalates, supporters from both sides are now threatening to push for (both soft and hard). While bitcoin Unlimited is considered the most popular proposal in terms of , a look at the that support it or SegWit reveals the exact .
As of this writing, out of the companies listed in , 66 support SegWit and 58 are ready for it. Only 8 companies oppose SegWit.
On the BU side, there are 27 in favor, with 9 companies ready for it. This means that 70% of companies actively support SegWit, compared to 20% for BU. The other 10% are undecided or “unknown”. The companies that support BU include:
It should be noted that even among the 9 companies that are ready for BU, two also support SegWit (Electrum and Trezor) and 5 are ready for SegWit (including Bitfinex and Gemini).
It’s also worth noting that some of the companies that are against bitcoin Unlimited are not even supporting SegWit. They are simply opposed to BU’s Emergent Consensus.
Meanwhile, 4 of the 8 companies that oppose SegWit and are all signaling for BU are mining pools.
Who Supports What?
We can see that some predominant exchanges like Poloniex, LocalBitcoins, CoinCheck and others are ready for SegWit, while other names like BTCC, Xapo and Bitso support it.
On the BU side, in addition to bitcoin.com, Magnr, BitAddress.org, and several BTM providers, the biggest names by far are mining pools such as Bitmain’s Antpool, ViaBTC and GBMiners. However, the independence of these mining pools has recently by the community.
Chinese pool to launch its overseas exchange in the second half of 2017, and raised ￥20 million (Round A), led by Bitmain
At the same time, the only major exchanges that support BU also support SegWit, including OKCoin, Bitfinex (ready) and Gemini (ready).
The companies that actively oppose SegWit include 4 mining pools and 4 other small companies that don’t have much bearing in the bitcoin ecosystem. Conversely, among the companies that oppose BU actively, we find names like BitGo, Vaultoro, Bitsquare, and GreenAddress.
Among the undecided, we still have names like Bitstamp, Bittrex, Bitmex, Kraken, and others.
bitcoin Businesses Generally Against BU, Hard Fork
The general animosity towards bitcoin Unlimited can also be observed in the industry letters that have been signed so far. For example, a list of nearly 20 exchanges has signed a hard fork in which the BU token would be listed as BTU or XBU.
Canada’s bitcoin ecosystem has also produced in which a large number of economic nodes operators signaled their rejection for BU and proposed industry guidelines for hard forks.
Moreover, the data is also reflected (despite varying data depending on the course) by the share of bitcoin Core (84-91%) nodes among total network nodes compared to bitcoin Unlimited’s (2-9%).
The conclusion that can be draw from this data is that despite the growing popularity of bitcoin Unlimited among mining pools, bitcoin companies as well as user nodes are largely opposed to the bitcoin Unlimited proposal.
Would you boycott a company based on their support or lackthereof? Let us know in the comment below!
Images courtesy of Coin.dance, Shutterstock, nodecounter.com
