Category Archives: ETH price

Auto Added by WPeMatico

Ethereum Technical Market Analysis 28th October 2019

Ethereum Technical Market Analysis 28th October 2019

The struggle of Ethereum buyers to change the trend and fix the price above the black wedge trend line moved into next week. Today, we will analyze the price movement of the previous week and forecast the targets for this one. The price range last week was 30%. The volatility of this coin was less than the volatility of Bitcoin and the weekly candle looks less certain:

Ethereum Technical Market Analysis 28th October 2019

If we compare the weekly candle from 23 September and the candle last week, we can see that buyers failed to counteract this aggressive fall. In fact, everything looks like a continuation of consolidation. However, in the case of Bitcoin, the chart clearly shows that buyers showed a practically identical response to sellers:

Ethereum Technical Market Analysis 28th October 2019

It indicates that interest in Ethereum has gradually moved to the main cryptocoin.

At a more local timeframe, we see that buyers have enough to keep $180 to consider the price fixing over the black wedge successful. However, buyers are in no hurry and have stopped in consolidation because the advantage is already on their side, though it is uncertain:

Ethereum Technical Market Analysis 28th October 2019

We would like to test the advantage of buyers on the attack of sellers which would be on increasing volumes. In order to make sure that buyers actually have the power to both raise and keep the price.

Over the past week, buyers have been trying to increase their marginal positions:

Ethereum Technical Market Analysis 28th October 2019

Sellers, by contrast, have actively closed their marginal positions and tested the level of positions since August 2019:

Ethereum Technical Market Analysis 28th October 2019

As we can see from the wave analysis, when the price goes beyond the wedge, the global target of buyers is in the price range of $260 with a possible temporary stop at the level of $220. Nevertheless, fixing above the price mark $200 is more important for us than the price exit from the wedge. As much as this is true, in this mark is high liquidity and since August 2019, buyers have not been able to cope with this price.

Therefore, we will be following whether Ethereum buyers will be able to test $200 this week and fix above this price to continue moving toward our targets. Meet you on Wednesday!

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: TradingView

The post Ethereum Technical Market Analysis 28th October 2019 appeared first on BitcoinNews.com.

Ethereum Up More than 200% Since December Lows

While most people focus on Bitcoin as a digital alternative – to physical commodities such as Gold, or as a possible alternative to fiat currency; in a manner of speaking, the spotlight is somewhat lost on Ethereum despite being the number one altcoin by CoinMarketCap. Could Ethereum be taking on the metaphorical pseudonym as digital oil in the emerging digital economy?

Ethereum seems to be making a gradual comeback with a significant push past several resistance levels. Now up to more than 200 percent price growth since its all-time low in December, speculations have it that the trend may continue, perhaps to the USD 300 mark to which it currently trades close to.

Strong fundamentals seem to be brewing on the development front of the Ethereum ecosystem. The famous Ethereum 2.0 public testnet is finally making progress to feature full proof of stake and sharding algorithms, all in the bid to raise the transaction speed to as much as 1000 tps.

During the ConsenSys Ethereal Summit, Aya Miyaguchi Executive Director of Ethereum Foundation revealed a planned sum of USD 30 million to support the Ethereum ecosystem. The funding will reportedly be used to improve the current PoW algorithm of Ethereum 1.x, the general core support, and development to enhance the overall performance and security of Ethereum.

Recent news about an Ethereum futures contract likely to get the approval of the US Commodity Futures Trading Commission (CFTC), could be considered bullish, especially when the last time the CFTC was involved in approval such a derivative product – Bitcoin futures, the flagship cryptocurrency went up in price.

Microsoft has also shown immense interest in Ethereum’s ecosystem, with the launch of its Azure Blockchain Development Kit for Ethereum which allows the users to build Ethereum-based apps and smart contract deployable on the Ethereum blockchain or the Azure Blockchain Service.

Ethereum’s drop from its all-time of USD 1,432.88 in January 2018 to its all-time low of USD 82.83 taking a loss of over 94% was a huge drawback, however, it seems the market is having a more positive outlook.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Ethereum Up More than 200% Since December Lows appeared first on BitcoinNews.com.