The cryptocurrency market has recently shown that it has matured. First, the Bitfinex scandal and recently the hacking of the largest cryptocurrency exchange, have been proofs that have shown the main asset that solid support has been created above five thousand and eight hundred, as many analysts predicted.
At the time of writing, the market shows a volume of stock market capitalization of almost $ 190 billion dollars and each time it is closer to the psychological barrier of $ 200 billion, the last time this limit was reached was during the bull run of 2017.
As a result, the most important altcoins have had a sustained growth and increasingly increase their minimum in higher prices, which undoubtedly has an impact on the fall is less shocking than usual during the moments of market correction as we saw recently with the negative news of the big exchanges.
Within this segment we find Ethereum, the most important altcoin whose price has grown in the last 24 hours to + 2.08%, to quote at a spot price of $ 172.63 per unit. Its coin market capitalization has shot above 18 trillion dollars and that keeps it well away from its closest rival, XRP.
In the short term, Ethereum presents an ascending channel generated since the end of last month at levels of S1 $ 157.61 and a maximum achieved a couple of days ago at $ 192, which is now its immediate resistance.
The Aroon Uptrend indicator stays at the top of the graph, telling us that the cryptocurrency has one of its best moments of the year.
Stochastico on the other hand, confirms the Aroon and projects a strong positive slope that makes it project bullish towards overbought levels.
The Chaikin Money Flow indicator, on the other hand, is in the middle zone, balancing outflows and capital inflows into Ethereum’s ecosystem.
As for the medium-long term outlook, it is quite optimistic for the cryptocurrency. Its price bands have oscillated between key support levels of $ 105 that was reached in February of this year and last December and a fairly accessible resistance level in the order of $ 210.
Ethereum’s average 200-day moving average has already broken, which is a good indication of an uptrend.
For its part, the Parabolic SAR indicator has become bullish since the beginning of May and its confirmation is given by Elliot Wve Triple Correction, which projects an uptrend until the middle of June 2019.
Finally, the Relative Strength Index, the RSI, is projecting towards the overbought area, with levels above 60 and a positive slope since the end of last month.
In conclusion, Ethereum presents a quite positive outlook both for the entry into shorts and medium-term strategies, with a strong upward trend as we have seen the indicators for both scenarios.
If Ethereum manages to break the barrier of two hundred dollars per unit, it would be a matter of time to see that along with the proposed scalability improvements presented for June of this year, that the cryptocurrency at least double its value at the end of the current year, as new cases of use can be developed without problems in the most important altcoin blockchain.
- Source: First Appeared Here
- Published Time: 2019-05-09 07:05:17
The views and opinions expressed in the article Ethereum Direct to the $200 Barrier: ETH/USD Chart Analysis Forecast do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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