On Thursday, October 1st, ETH is stable, trading near $362.50.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Tech analysis of Ethereum price today.
- The ETH is almost ready to launch the Ethereum 2.0 network.
- Ethereum 2.0 might be released in November.
On W1, the ETH/USD pair keeps correcting in an uptrend. The price is trading under 23.6% Fibo. If it is broken away, growth may continue to the next level of 38.2% Fibo. The MACD histogram has remained above zero for several weeks, promising soon continuation of the ascending dynamics. The signal lines of the indicator have formed a Golden Cross under zero and go on growing, acting as an additional signal. The Stochastic is developing an ascending impulse from 20, which is yet another argument in favor of the uptrend.
Photo: RoboForex / TradingView
On D1, the situation is quite similar. Having winded up the correction, the pair is bouncing off the lower border of the ascending channel. The aim of the growth is the resistance level at $500.00 USD. The MACD histogram is growing towards zero, enhancing the signal for growth. Currently, growth looks more probable than falling to $290.00 USD.
Photo: RoboForex / TradingView
On H4, the pair keeps moving towards the upper border of the channel, which may mean that the correction of the general uptrend is coming to its end. A breakaway of the border will mean another wave of growth to $500.00 USD. The Stochastic has formed a Golden Cross in the overbought area, increasing the chances for further growth. However, the price may develop another minor correction before resuming the growth.
Photo: RoboForex / TradingView
Today Ethereum keeps working actively on the innovative 2.0 network that should have been launched in summer but keeps being rescheduled (for no exact date). Now we have heard about the last test network Spadina being launched, which was meant as a dress rehearsal before the launch of the Ethereum 2.0 itself. During the three days of testing, the developers faced several problems due to bugs in the structure of client services. It turns out they will need more testing.
Spadina should have started the launch, i.e. create the first block in the Ethereum 2.0 network. At the same time, Spadina worked autonomously, independently from the main Medalla network. The new testing platform was to (theoretically) shoot the client errors detected by Spadina. Zinken may become such a platform.
Earlier, we heard that the release of the “zero phase” of Ethereum 2.0 might be scheduled for November 2020. However, we should be cautious about this schedule: this year, we have already seen a rally of the ETH based on the expectations of the new network that have never been met.
For this article, we’ve used ETHUSD charts by TradingView.
Disclaimer: Any predictions contained herein are based on the author's 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.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.