Just like Bitcoin’s magic number is $10,000, Ethereum’s seems to be $200. However, unlike Bitcoin that had success testing this level recently, ETH is having a hard time even staying at the $180 level. It’s not all bad though, Ethereum followed Bitcoin’s recent bull run pumping close to 20% alongside BTC. Let’s go over some Ethereum current events and take a look at the charts to see what fortune lies ahead.
Ethereum News
Just like I mentioned in my previous Ethereum price analysis that I wrote on The Merkle Hash, the big news surrounding Ethereum is Telegram’s announcement that their brand new blockchain TON will integrate with Solidity – Ethereum’s smart contract language.
That’s a huge win for ETH over its competitors such as EOS, TRON, and other dApp focused cryptocurrencies. At the same time, it makes perfect sense for TON to integrate with Ethereum as ETH has the most dApp users to begin with. It’s like deciding whether to partner with Google’s search engine or Yahoo’s, a simple decision.
Aside from that, there are tons of developments going on for Ethereum behind the scenes. Yahoo Finance reported yesterday about various grants that were awarded to Ethereum projects, a Devcon scholarship for Solidity developers, and upgrades to the network which bring it closer to Ethereum 2.0.
While Ethereum’s price may not be that exciting, the development that’s going on behind the scenes is the bread and butter that’s going to drive Ethereum’s price the next coming months.
Ethereum Price Analysis
Relative Strength Index: The RSI is currently at a healthy 51 points. This means the market is stabilized and we should expect sideways momentum in the coming hours. Looking at RSI’s oscillation, we can see the trend should be reversing. If the RSI peaks above 70 again, we should anticipate another move upwards.
Bollinger Bands: At the time of writing, Ethereum’s price is touching the upper bollinger band. This means one of two things: Either ETH is about to breakout, or it’s going to retrace within the bands’ range.
Volume: You can’t ignore the massive red candle a few hours ago which caused Ethereum’s price by roughly 1%. However, ETH was able to rebound extremely quickly even with low volume, which suggests that the market is trying to stabilize.
Ethereum Price Prediction
Before I go over my Ethereum price prediction, let me tell you that no matter what the indicators say, since most altcoins – and especially Ethereum – are heavily influenced by Bitcoin’s movements, you have to keep the BTC market in mind.
That being said, according to the RSI the market does have a healthy amount of strength to make some moves. BBs aren’t very telling, as they are hinting that ETH is either about to breakout or retrace. Finally, the low volume is suggesting a sideways market, as it’s extremely low right now.
My personal opinion is that ETH will trade sideways, inching towards the $180 level. After all, the market does have enough power to make that move, and now that ETH has rebounded from the nasty red candle, let’s hope that the bulls will make their presence known once again.
Ethereum Charts By Tradingview
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