Not an exciting weekend for cryptocurrency markets as most coins are down a few percent. Every single crypto in the top 10 is down, including Ethereum. Currently ETH is trading at $212.83, down from a high of $222 earlier in the week. Ethereum has been one of the best performing cryptocurrencies last week, gaining over 10% and $44 in the past week. Let’s take a look at some relevant Ethereum news and see what the charts have in store for us.
As mentioned in my previous Ethereum price prediction, ETH is gearing up for the ETH 2.0 network upgrade. The Ethereum Foundation is planning on showcasing some features at Devcon in Germany, November 19th-20th.
Ethereum has been struggling from network congestion for quite some time now, and the network upgrade should solve those scalability issues. If ETH can in fact operate without transaction backlog, that will be a whole new frontier for the cryptocurrency that is sure to propel its price to the moon.
Ethereum Price Analysis
Relative Strength Index: The RSI is currently at a healthy 41 points. This signals some sideways trading up ahead.
Bollinger Bands: The price is also within the bands’ range, however it’s touching the lower band. This means the price will try to rebound slightly, at least until the MA line.
Volume: There is very little volume for Ethereum at the time of writing, most likely attributed to the fact that it’s the weekend. This means the market most likely won’t make any major moves anytime soon.
Ethereum Price Prediction
The RSI, BBs and Volume are all signalling a sideways market up ahead. Combine that with the news that Ethereum is gearing up for ETH 2.0, and we should anticipate some bullish momentum in the coming weeks.
My prediction is that ETH will trade at the $200-$210 level for the next few days, before testing new support at higher levels.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.