ETH Price Analysis: Altcoin King, ETH/USD Nears Breakout From Triangle Axis as Ethereum 2.0 Multi-User Testnet to Go Live in Apr

Altcoin King, Ethereum the second-largest digital currency with its total market cap of $14.7 billion and an estimated daily trading volume of $11.2 billion has risen by 1.5 percent in the last 24 hours and consolidated around $133.00 as at when composing. Amid the upside traction, ETH/USD remains stuck inside the triangle, as it nears the axis breakout. From the weekend lows at $125 to levels over $135, the prior session gains were able to hold. In April, co-founder Vitalik Buterin says Ethereum 2.0 Multi-User Testnet is set to go live. ETH 2.0 is just months ahead, and information from research leaders Danny Ryan and Vitalik Buterin about a Multi-User Testnet have filtered out. The Multi-User Testnet phase is the final phase until the full release to the mainnet of the new Ethereum 2.0.

*ETH/USD consolidation nears triangle axis breakout

*The gains of the prior session was able to hold from the weekend lows at $125 to levels over $135

*In April, co-founder Vitalik Buterin says Ethereum 2.0 Multi-User Testnet is set to go live

Key Levels

Resistance Levels: $210, $180, $155

Support Levels: $125, $115, $90.0

ETH/USD Daily Chart: Bearish

This week’s Ethereum price has a bullish beginning for the 2nd day in a row. From the weekend lows at $125 to levels over $135, the prior session gains were able to hold. The buyers pushed the bullish phase past $135 level but failed to maintain gains toward the key barrier of $140 level.

The European session has been marked by a broader bullish push although the bulls tend to lose adequate momentum to maintain the gains. The horizontal level beneath is also in line offering support at $125.01 level backed by the upward trendline.

ETH/USD 4-Hour Chart: Ranging

ETH/USD recovery is capped by a $134.33 (high) level on the intraday charts. This resistance is established on the 4-hour chart via the convergence of MA 50 and the upper triangular line of the triangle structure. Whenever it’s breached, the upside is likely to gain momentum to $140.00 psychological level as the next emphasis while the next obstacle appears at $155.00, the highest level since 20th March.

Specific relevant technical indicators lead to a good technical view for Ethereum and, for example, the recovery of the RSI from levels nearly 30 (through the weekend) has gone past 50. On the contrary, the psychological $125.00 level of horizontal support provides initial support located right below this level. A sustained shift underneath this level may increase the bearish pressure and approach the next low level at $115.00 probably.

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