Author: Dmitry Gurkovsky, senior analyst at RoboForex
- Trustology launched wallet for Ethereum in the App Store
- Ethereum took fourth place in the ranking of Weiss Ratings
- Yahoo Japan will launch a bidding ETH and BTC on the exchange Taotao
Considering the technical picture of Ethereum on a weekly timeframe, we can say that the market pulls in “sideways”, but investors and traders need to remain vigilant.
Looking back on the formation of convergence on the MACD and the Golden cross on the Stochastic indicator, we can predict corrective growth under the influence of any external or inter-market factors-catalysts.
The most likely targets for such growth levels are the 23.6% ($257,50) and 38.2% ($366,60) on a scale Fibonacci respect to the previous pulse reduction. It should be remembered that the overall bearish phase of the current cycle aimed at achieving the main long term support level of $10,00, but it is possible such a move would be only after the completion of the correction period and overcoming of the basic fractal for $80,86.
Weekly chart of the ETH/USD
On the daily chart Ethereum, one can observe the continuation of the upward correction. However, it is worth noting that the internal dynamics is more like a sideways movement or consolidation. Support in the current corridor is at $of 119.60, and resistance at $198,00. The momentum indicator MACD could confirm the further increase of quotations, despite the slowdown in area 0.
The daily chart of ETH/USD
On 4-hour chart Ethereum can see that the medium-term trend is still upward oriented. The price has tested the support line of the medium term channel, pushed off and broke the resistance line of the short-term reduction of the corridor, intending to climb to the resistance level of $148,70. Assessing the dynamics of the Stochastic, we can assume that after reaching the overbought zone will be formed a “black cross”, which will be the signal for lowering and re-testing support around $131,75.
The 4-hour chart ETH/USD
The fundamental background for Ethereum poor news. Among the most important is to pay attention to the launch of cryptocurrency wallet TrustVault for ETH in the App Store. While it will get access to only British people, but later there will be the others.
Agency Weiss Ratings has introduced a new ranking of virtual currencies. Highest rating with a rating of “A” received XRP, which is usually attributed to the third-largest asset capitalization in the sector of cryptocurrency. The second line belongs to the EOS, which also has now a rating of “A” from the struggle with Ethereum for the base of the new Internet. Third place this time for Bitcoin. The Agency’s analysts believe that BTC can become a good mechanism for savings. Ethereum, apparently, took only fourth place with a rating of “A-“.
By the criterion of attractiveness, none of the cryptocurrencies have not received the highest score. The most that could count EOS, BTC, XRP and BNB rating “B-“. The analysis consisted of observing the relationship between risk and expected return. Apparently, the parameters of risk continues to outweigh the possible sharp change in market sentiment.
Among the significant news of the cryptocurrency world should pay attention to start trading company Yahoo Japan. Internet service is owned 40% of its shares Taotao – it should start working in a month. It is assumed that the first exchange will appear Bitcoin and Ethereum. Later joined by other. In addition, it is possible that users will be available and margin trading – it can attract in exchange for a new stream of traders.
It is noteworthy that trades on the Taotao will be held in conditions of enhanced security. For developers the platform it was the main task after hacking exchange Coincheck.
Forecasts financial markets are private opinion of their authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results that can occur when using trade recommendations submitted reviews.