Technical Analysis of Ethereum-22th.Oct

Overview:

Ethereum is an open source development platform that allows developers to build and deploy decentralized apps (dapps). In my opinion, there’s a very good reason to pay attention to it rather than Bitcoin: a lot of popular projects are launched using the Ethereum blockchain and this platform has big businesses’ attraction to its blockchain. Ethereum uses Ether (ETH) as its token and it is important to say that ETH is the third-largest cryptocurrency in terms of market cap behind Bitcoin and Ripple. Lots of analysts agree that Ethereum is currently at a point where it has the potential to make very big gains and the current situation represents a very good entry point for long-term investors. When we look at the 1-year chart we can see that Ethereum is moving in “downtrend”. As long Ethereum is below $400 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $200 and $300 – If the Ethereum jumps above $300 that would be a “BUY” signal and the open way to $350. If the Ethereum jumps above  $400 that could be a strong signal of the trend reversal and the open way to $500. On the other side, if the ETH falls below $200  that will be a strong signal “SELL” signal and the next target could be around $180.

Advice:

Ethereum can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $2000 in the next two years. Yes, it is true that the price could fall even more but the current price of ETH stands around $210 and this is very close to strong support which stands at $200. As for the technical picture, the ETH remains in bearish phase but if the price advances above $400, short-term traders can enter the position with the stop loss at $390 and take profit at $450 or even $500.

About kota 28 Articles
Master's student in Estonia studying mechanical engineering. Cryptocurrency, Mining, Masternode running, IoT Technology.

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