Author: Dmitry Gurkovsky, senior analyst at RoboForex

  • Abra supports all the functionality of Ethereum
  • The SEC is attempting to determine the status of cryptocurrencies
  • The need for regular updates Ethereum raises questions

In recent times fundamental news important for Ethereum, not so much.

You should pay attention to the information about the appearance of the purse Abra full support of ETH. This means that the Abra users can transfer bitcoin directly, using a third party address. You will need to use including a mobile app. Also you can now store an Ethereum account – previously this was not possible.

In addition, Abra – to attract the user’s attention is likely – announced promotion, which runs until the end of March. It is aimed at new users and involves getting in ETH 25 USD with the purchase of the digital currency worth more than 5 USD.

Other information concerns the status of Ethereum as securities. On the one hand, the Commission on securities and exchange Commission (SEC) believes that over time, Ethereum changed his status. It is expected that before cryptocurrency was features of securities, but in the process of development, they disappeared. On the other in Switzerland are not worried about the process a clear definition of what is Ethereum, Ethereum and run the auctions-ETP. We are talking about the stock exchange, SIX Group, which was opened with the product ETP that is bound to the value of Ethereum. It is traded under the Ticker AETH, and this is the third such instrument, which the exchange launched over the last 5 months.

In the market for quite “sluggish” to discuss the possibility of integrating the algorithm ProgPoW the following code updates Ethereum – Istanbul. Another Harford bitcoin has just taken place, but the developers suggest that this will not solve all the problems of the ETH.

Analyzing the technical picture of Ethereum on a weekly timeframe, I can say that the “bear” phase of the current cycle aimed at achieving the main long term support level of $10,00. The graph of the cryptocurrency in the period, demonstrates a local correction after a convergence on MACD, and Golden cross in the Stochastic.

After completion of the correction period, you can expect the breakdown of local support and subsequent reduction to the main goal. As the supporting factors may include the formation of “black cross” on the Stochastic and the “red zone” in the MACD at negative region.

On the daily chart we can analyze the dynamics of the ascending correctional channel. On this plot it is evident that the recent growth momentum has reached the level of the fractal resistance, the former previously a support level. Seeing the rising trend of the MACD indicator, you can prevent the formation of another pulse of growth to the resistance level at $190,00. In case of breakout of the current support at $115,25 the market will begin the development of the medium wave reduction the main goals.

On the 4 hour chart we see that after convergence for the Stochastic wave growth has corrected the last downtrend on the 38.2% on the Fibonacci scale. At the moment the market has a chance to overcome local resistance and to extend the range of correction levels of 50.0% ($144,30) and 61.8% ($149,50). But if the “black cross” on Stochastic formed before we can expect a decline to a local minimum of $122,57, and later, to the support line of the correction corridor.


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.