2020-8-18 15:00 |
Coinspeaker
Ethereum Price & Technical Analysis: ETH Is Ready for Movements
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
As we can see in the daily chart, the rising tendency continues. After finishing a quick growth, ETH/USD is correcting towards the support area. The MACD histogram is still above 0 while its signal lines have formed a “Black Cross”. All these factors taken together may indicate that the instrument may complete the pullback in the nearest future and resume moving upwards. The upside target is at $465.00. Still, there might be another scenario, which implies a deeper correction towards $325.00.
Photo: RoboForex / TradingView
In the H4 chart, the asset is still correcting within the rising tendency. The Stochastic is inside the “overbought area”, while a “Black Cross” may be an additional signal for another correction. The downside target is at $411.35. After completing the correction, the instrument may update its highs and continue trading upwards with the target at $465.00.
Photo: RoboForex / TradingView
Market players are obviously betting on a brighter future for ETH. This conclusion may be drawn based on the options data: traders are seriously expecting the ETH price to reach the target at $500.00 and their confidence is growing with the time.
The ETH surely has a fundamental factor that supports the altcoin in the mid-term – a surge in interest of users towards DeFi, decentralized finance apps, which led to an increase in network usage.
According to the report from Business Times, after the ETH reaches $420.00 USD, the price will continue rising on the spot market. At the same time, a comparison of a futures contract on the ETH and the spot price shows a growth potential of 20%. It is another indication of further growth of Ethereum in the nearest future. We’re talking about a period of 40 days, not more, so one can expect some pretty intriguing dynamics in the cryptoasset in the short-term.
Ethereum Price & Technical Analysis: ETH Is Ready for Movements
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