Technical Analysis of Ethereum

Ethereum can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $1000 by the end of 2019. The founder of Ethereum Vitalik Buterin spoke recently that the demand for using public blockchains is high and we need to up the stability in order to meet that demand. It is important to say that this cryptocurrency has the largest developer community and that Ethereum’s proof of concept is popular among institutional investors. 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. 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 $100 and $200 – If the Ethereum jumps above $200 that would be a “BUY” signal and the open way to $250. If the Ethereum jumps aboveĀ  $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 $100 that will be a signal “SELL” signal and the next target could be around $80.

Advice: Ethereum is an open source development platform that allows developers to build and deploy decentralized apps (dapps). My opinion is that Ethereum could be a very good investment opportunity at the current price levels and putting a reasonable amount of money into this cryptocurrency could potentially turn out to be an excellent investment. As for the technical picture, the ETH remains in bearish phase but if the price advances above $200, short-term traders can enter the position with the stop loss at $190 and take profit at $250 or even $300.

 

About Stanko 77 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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