2 Reasons Why Ethereum (ETH) Could Reclaim $200

2 Reasons Why Ethereum (ETH) Could Reclaim $200
фото показано с : ethereumworldnews.com

2020-4-8 13:24

In brief:

Bitcoin has led a resurgence in the crypto market and looks set to erase all losses experienced in mid-March. With BTC currently experiencing sideways movement, Ethereum could experience a second wave up. The Eth 2.0 upgrade of Serenity, is scheduled for July 2020.

There is a general sense of optimism in the cryptocurrency markets that has been brought about by a resurgence of Bitcoin. The King of Crypto has broken the $6,900 resistance level. BTC is currently trading at $7,300 and looks set to erase all losses it experienced in the month of March due to the impact of the Coronavirus. When we look at our favorite alt-coin of Ethereum (ETH), the cryptocurrency has experienced the proverbial resurrection after gaining 27% between the 3rd and 7th of April 2020. In this time period, the price of Ethereum moved from $137 to a local high of $175.

Bitcoin’s Sideways Movement Might Allow ETH to Move Higher

As earlier mentioned, Bitcoin seems to be consolidating around the $7,200 – $7,300 zone thus giving Ethereum the room needed to also consolidate and continue on its upward trajectory. It is a known fact that once BTC starts to move in a sideways movement, altcoins thrive.

6-Hour ETH/USDT courtesy of Tradingview.com

Further looking at our favorite 6hr chart, we find that the Ethereum price is trading above the 0.5 Fibonacci retracement level identified in an earlier analysis. Our ETH/USD chart shows that $168 is offering a good level of support for ETH. Additionally, its current price at $169 is above both the 50 (white) and 100 (yellow) moving averages. This, in turn, means that it is currently in bullish territory in the market after breaking the wedge we had also identified in our last analysis.

However, for the price of ETH to reclaim $200, it has to overcome the following resistances.

$179 $188 $195

Additionally, the 6-hour MACD and MFI indicate that the cryptocurrency will either be trading at its current level for a few more hours or experience its own sideways similar to Bitcoin’s.

ETH 2.0 Upgrade in July

Also worth noting is the Serenity upgrade scheduled for July this year. In a recent AMA session on Reddit, the development team in charge of the platform announced that they were expecting to launch this upgrade by July 30th. In the AMA, the team expressed their optimism that it will be done by the quoted date.

I’m hoping we can launch by July 30, 2020 (the 5th anniversary of Ethereum 1.0). I think it’s unlikely we will launch in Q1 or Q2 2020 especially if we want three clients to be production-ready for launch.

The upgrade is meant to implement the highly anticipated Proof-of-Stake (PoS) algorithm and to improve transaction speeds on the network.

Summing it Up

Spearheaded by Bitcoin, the cryptocurrency markets are attempting to erase losses from mid-March. As a result, Ethereum’s price might have a chance to keep pushing towards $200 based on technical analysis on the 6hour chart. Additionally, the fundamentals with respect to the news of Serenity being implemented in July will provide additional momentum up for ETH. As with all analysis, the reader is advised to safeguard their ETH/USD position using adequate stop losses.

(Feature image courtesy of Clifford Photography on Unsplash.com.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3069.55 (-0.13%)
Объем 24H $8.165b
Изменеия 24h: -1.38 %, 7d: 4.82 %
Cегодня L: $3062.09 - H: $3134.76
Капитализация $368.727b Rank 2
Цена в час новости $ 168.94 (1716.95%)

could ethereum mid-march btc losses erase all

Источник: ethereumworldnews.com

could ethereum → Результатов: 126


Фото:

Ethereum Could Explode Higher if Bulls Defend This Newly Formed Support

Ethereum could be on the cusp of seeing an explosive move higher in the coming few days This notion seems rather surprising, given the weakness seen across the entire market as of late, but its price has been able to hold above one crucial level This level could act as a base for further growth in the days and weeks ahead, and ultimately put the control of its near-term trend back into the hands of […]

2020-12-10 23:00


Фото:

Ethereum’s Price Action Could Resemble a “Car Crash” if it Breaks Below $190

Ethereum has once again declined back down to its long-held consolidation channel around $200 The cryptocurrency is now showing some signs of weakness as it continues performing poorly alongside Bitcoin and most other major altcoins This weakness could soon lead it down to a key support level that must be maintained by buyers A failure for ETH to hold above this level could mean a “car crash” style decline is imminent, according to one analyst […]

2020-5-23 23:00


Ethereum’s Macro Technical Structure Signals It Could Rally to $750 in Months Ahead

Ethereum’s immense weakness in recent times may not last for too much longer, as one technical structure suggests the cryptocurrency could be poised to rally higher One analyst is even noting that the crypto could surge up to highs of $750 if this structure plays out This comes as data shows that investors on cryptocurrency exchange platform Bitfinex may have been heavily accumulating ETH throughout the past several months Ethereum’s immense weakness seen throughout the […]

2020-5-19 02:00


Фото:

Bitcoin Up, Ethereum Down, Markets Look Shaky Ahead Of Today

This morning, we are seeing a very uneven trend within the markets. Cryptocurrency values are moving in an almost random direction. Indeed, this could simply be being caused by an element of randomness, however, it is more likely just a consequence of the current bear market, a market that has zapped the life out of cryptocurrencies, concerning investors market-wide.

2018-6-28 12:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Shiba Inu’s K9 Finance To Burn 410 Million Tokens – Why This Is Significant

In a significant move to commemorate Ethereum co-founder Vitalik Buterin’s historic SHIB token burn, Shiba Inu partner K9 Finance, the project’s official liquid staking productm has announced its plans to burn 410 million KNINE tokens, which has garnered widespread attention and appreciation within the cryptocurrency community.

Vitalik Buterin Baffles Crypto Twitter: Can You Solve His Math Puzzle?

Vitalik Buterin, the enigmatic co-founder of Ethereum, sent shockwaves through the crypto Twittersphere this past weekend with a series of seemingly nonsensical equations. The equations, which defied basic arithmetic (think 2 + 2 = 0), left many scratching their heads and fearing a break in the very fabric of mathematics. However, as it turns out, […]

Railgun Among Crypto Market Top Gainers: Why Is RAIL 53% Up?

Recently, the crypto market fluctuations have seen most cryptocurrencies exhibit red numbers. While many remain unfazed by the market dynamics, some sectors of the crypto community have turned more pessimistic, and their bags are seemingly going down instead of up.