If ETH Trades In Current Trend It Might Rally to the Next Target at $280May 21, 2019
Those who have been following the Ethereum trading plan made by over 84% in less than two months. Technical analysis shows that ETH/USD will move towards support of $200. The bottom breakouts are fading. When the breakouts disappear, the price revisits the breakout point to convert the resistance to support.
It is expected that $200 will hold. There are three moving averages (MA) which act as supports at that level. The three moving averages are in ideal alignment. The 50 day MA is above 100 days MA, which in turn is above than the 200 MA — thus providing for a powerful bullish trend.
The candlestick pattern showed that there are more numbers of sellers for the ETH as there was a long wick in the candlestick pattern. The market indicates an extremely over-bought territory. These signals suggest that ETH is over-priced and that it should correct the price before it can move ahead on its uptrend.
For as long as ETH trades in the current trend, it might likely rally to the next target at $280. The target next would be $365.
Regulators tend to drag it long for anything related to cryptocurrency. A negative announcement from US SEC regarding the VanEck ETF proposal was expected to have the crypto world tumble. However, the dip was not very low. The Ethereum Golden cross is therefore set to spell greater gain for its investors.
ETH is facing major criticism from their rival dapp networks. There is likely to be an improvement in Proof of Stakes and scalability. These improvements will silence the critics and from the technical point of view, it is going to be good times in store for the network as the Serenity Phase is upgraded to ETH.
Ethereum is preparing for an eruption. A lot of research is happening regarding interoperability with Ethereum Classic. About four major projects are already taking place. Improvements are made in implementation logic, interface descriptions, improved portability, long-term reliability, compatible wallet storage, and more. The improvement in technology will lead to developing an improved and well-informed user base. Therefore, providing to build a trusted network. Ethereum will be able to thus connect with the masses quickly. Connecting with the masses is crucial for mass adoption.
The 2.0 version is much awaited for its advanced features. Connection with investors and masses will become a lot easier.