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Ethereum (ETH) Bulls Rejected Just Below An Important Resistance Line

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After a superb first half of the week, Ethereum (ETH) bulls are slowing down. At pixel time 9:00 am UTC+3, the second most valuable coin by market cap, is changing hands at $162 and largely unchanged in the last trading day. However, what’s notable is the rejection of prices at the $160-$165 resistance, former support, level. The zone is important for chartists. A comprehensive break and close above this market could usher in a new wave of buys that may lift ETH to $200.

ETH Stagnates at A Key Resistance Level

Ethereum ETH Market Performance
Ethereum ETH Market Performance

ETH, like the rest of the cryptocurrency market benefited from the shifting sentiment and despite the slow down could be ready for new higher highs.

For buyers, this marks a new dawn following last year’s unconvincing price action that saw prices stagnate for long periods of time before tumbling to below $115 in December 2019. At the height of fear, prices snapped back as bulls flew back, restoring equilibrium and calming down the market.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure! 

The market is still in that recovery stage. However, for bulls to mark their presence, it is imperative that prices close above $160 at the back of increasing high trading volumes.Advertisement

Jan-16.png" alt="Ethereum ETH Daily Chart for Jan 16" class="wp-image-61394"/>
Ethereum ETH Daily Chart for Jan 16 by TradingView

Technically, the pump that was initiated on Jan 14 would mean nothing if prices crater from spot levels. While an analysis of price action from the weekly chart suggest strength, there are hints of weakness in the daily chart.

As per the Bollinger Band technical indicator, there is a degree of over-valuation following yesterday’s close above the upper BB. In such instances, and as per the default setting of the candlestick, are rare and happens 5% of the time.

On the flip side, it could also mean that the underlying moment is strong and the over-valuation, the anomaly, could be temporary, as bulls bottom up from last year’s lull as Ethereum developers ready for Phase 0 of Ethereum 2.0.

Ethereum’s Future is Bright

According to Grant Hummer of Chromatic Capital, this is the best time to get involved with Ethereum considering the series of upgrades the platform plans in coming days. Through a blogpost, he said:

“From my vantage point, the future looks bright for Ethereum. There are no other smart contract blockchains with anywhere near the critical mass of researchers, developers, users and projects that Ethereum has, and there’s no better time to get involved. Ethereum is on the cusp of the biggest and most important upgrade it will probably ever undergo, an upgrade that, if successfully implemented, will create massive amounts of value for the world.”

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Ethereum

ETHEREUM: Will It Rise Again? – The Coin Republic

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  • Ethereum is one of the leading and most successful Cryptocurrency that is out there, it valued at 168.16 USD.
  • Analyst Bobby Ullery believes that blockchain technology will play a crucial role in the future economy and international trade.
  • The predictions state that in January Ethereum will make it to $720, and by the end of the year it will reach $1488.

Ethereum is one of the leading and most successful Cryptocurrency that is out there. As of now, it valued at 168.16 USD. There has been quite a momentum in the market price as we entered the New Year 2020.

People still have faith in ETH, and they predict that it will rise, and by the end of the year, it will equal or break its own all-time high back in 2017 when it increased by 10,000%.

Looking at the history of the Cryptocurrency market and its volatile nature, people still try to predict the price of the market. There are a few predictions that have gained much popularity. One is from online analyst Bobby Ullery, and the other is from CoinKir.

Eth Price Prediction by Analyst: Bobby Ullery

Analyst Bobby Ullery believes that blockchain technology will play a crucial role in the future economy and international trade. According to him, Bitcoin and Ethereum will each hold 25% of the entire cryptocurrency industry, which he predicts will have a total market capitalization of $4.5 trillion in 2020.

For the people who do not understand market capitalization pay close attention. You get the value when you multiply the number of coins in circulation with

the market value of each currency. The critical point to note here is that Ethereum does not have a fixed supply.

For Ullery’s prediction to come true, the Ethereum value should rise by 775%. This is not at all an unrealistic speculation considering its previous rises.

Eth Price Prediction by CoinKir

Coinkir gave another prediction by using technical price analysis. This method tries to find trends in price movements in the past — this method used in real-world financial markets.

But the problem arises is that the real world market has more than 50 years of data which is not available in the cryptocurrency market.

Although the predictions state that in January Ethereum will make it to $720, and by the end of the year it will reach $1488. If this prediction is correct, then the market capitalization of Ethereum will be $148 billion.

Apart from these predictions, some factors can gravely affect the price of Ethereum in the coming years. With the emergence of new protocols like plasma and sharding that meant to increase the number of transactions in a shorter time, If Ethereum inculcates these protocols, the prices will shoot up instantly.

Another factor is shifting from POW to POS will also help in the improvement of validating transaction much faster. Although these factors are highly effective, it is also essential to know that these ideas are in their early days, and no one knows how long will it take. One can only wait and keep himself updated with all these development.

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Ethereum Price Analysis: ETH/USD breaks above flag formation and $170 barrier

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  • The SMA 20 curve has crossed above the SMA 50, which is a bullish sign.
  • The RSI indicator is creeping along the edge of the overbought zone.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bulls made a comeback this Friday, following a bearish Thursday. The price went up from $164 to $171, breaking above the flag formation in the process. After falling back into the

20-day Bollinger Band this Thursday, the price managed to climb back above it, indicating that the asset is currently overpriced. The 20-day Simple Moving Average (SMA 20) has crossed over the SMA 50, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. Finally, the Relative Strength Index (RSI) indicator is creeping along the edge of the overbought zone, hinting that the market may go up a bit more before it faces bearish correction

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Ethereum (ETH/USD) forecast and analysis on January 18, 2020

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Cryptocurrency Ethereum (ETH/USD) is trading at 165. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020

As part of the Ethereum forecast, a test of level 160 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 183. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at level 147.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020

Cancellation

of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​142. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020 implies a test level of 160. Further growth is expected to continue to the area above level 183. The conservative buying area is located near area 147. The breakdown of the growth option for cryptocurrency will be the breakdown of level 142. In this case, we should expect further fall.

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