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Muir Glacier Hard Fork Completed – Ethereum Under Pressure

Ethereum - ETHUSD
Ethereum - ETH

Ethereum is under selling pressure for one more day giving up 0.96% at $129.02 after the second-largest cryptocurrency by capitalization rejected at the $136 level the last trading sessions.

The Ethereum Muir Glacier hard fork completed, delaying the mining “difficulty bomb” that threatens to freeze the ethereum network. The upgrade will send  the difficulty bomb forward for another 4 million blocks or 610 days so the ethereum chain would be back at 20 second block times in July 2021.

The Ethereum market capitalization stands at 14.16 billion. The trading volume has, reached 11.65 billion in the last 24 hours. The market capitalization of the top 100 cryptocurrencies is currently at 190.29 billion.

Read our Best Trading Ideas for 2020.

Ethereum Outlook is Bearish

ETHUSD technical outlook is bearish for the short term and a move to lower levels is the possible scenario.

ETHUSD after a consolidation phase around $180 in November broke to lower levels after a warning on cryptocurrencies from the central bank of China, followed by the PlusToken scandal in December. Initial support for ETHUSD stands at 128.27 the daily low. Next support will be met at $122.10 the low from December 27th. A credible break below that level will open the way for a move down to the 2019 low at $98.00

On the upside, first support stands at 130.31 the daily high. More selling pressure will be met at $136.00 the high from December 30th. A strong supply zone stands at 145.57 the 50-day moving average.