Ethereum Price Is Around $210 Today, ETH Lost Sight of Landmarks

UTC by Dmitriy Gurkovskiy · 3 min read
Ethereum Price Is Around $210 Today, ETH Lost Sight of Landmarks

Today, on May 28th, Ethereum is generally trading at around $210. ETH is said to be underpriced by the market these days.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • ETH/USD Tech analysis.
  • Ethereum is underpriced today by the market – Blockfyre.
  • The test hardfork of the ETH reminded of old mistakes.

On W1, ETH/USD carries on a wave of growth after a swift decline. The price reached 50.0% Fibo and pulled back to 38.2%. The quotations currently keep on trading in the range between 50.0% and 38.2%. A breakaway of 50.0% will confirm the further development of the uptrend. The MACD histogram has been at zero for several weeks, which means the powers of the bulls and bears are equal. The signal lines are almost under zero, indicating the parity of buys and sales. The Stochastic keeps moving horizontally near 20, giving no serious signals.

Photo: Roboforex / TradingView

On D1, trading signals look more interesting. The pair keeps developing the uptrend. The asset is currently trading at 61.8% Fibo. If it breaks away this level, the potential for growth will be at $240.00 USD. The MACD has formed a Golden Cross and the pair keeps working off the signal. The Stochastic has formed a Black Cross, indicating the overbought state of the instrument. At this stage, it might currently signal insignificant correction before a breakaway of the resistance level.

Photo: Roboforex / TradingView

On H4, the asset keeps growing within the borders of the ascending channel. the pair is currently heading for 61.8% Fibo. If it breaks the level away, the growth will most likely continue. As on longer timeframes, the aim is near $240.00 USD. The Stochastic keeps moving horizontally near 50, which might indicate a flat.

Photo: Roboforex / TradingView

The Blockfyre watchers state that the ETH is underpriced and see its potential much higher than the current levels. They prove it by the activity of the developers, the parameters of the invested money in USD, the use of gas in mining meant for decreasing the spending of electricity, as well as the balances of miners. The key parameters of the ETH are at their lows, they say. This means that the potential for growth is more than enough.

The ETH relies hugely on the efficacy of the 2.0 version due this year. Miners have been accumulating reserves in the ETH since 2018 because sales at the current levels are absolutely unprofitable. Meanwhile, the activity of the developers is interpreted as a good sign: this means they are working hard, and the new version will appear soon.

In the middle of May, in Schlesi (a test network of the Ethereum), an unplanned hardfork happened. In the blockchain of the second version of the network, block 141184 split into several chains, which was, in essence, a hardfork. The founder of the Ethereum Vitalik Buterin instantly explained that in April-May 2015 the same thing happened in a test network Olympic when the developers were getting prepared for launching the first version.

The market attitude to the event was neutral because nothing extraordinary happened: test networks are meant exactly for detecting errors and mistakes. The hardfork did not influence the stability of Schlesi, its development is going on.

Today Ethereum needs the second version desperately. There are many hopes for it, so 2.0 may become that trampoline that will send the underpriced altcoin high.

Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Altcoin News, Cryptocurrency news, Ethereum News, News
Dmitriy Gurkovskiy
Author: Dmitriy Gurkovskiy

Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.

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