Ethereum Price & Technical Analysis: ETH Having Hard Times

By Thu Nov 1, Ether is still under bearish pressure, while the activity is at its lowest, according to Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Photo: Roboforex / TradingView

Photo: Roboforex / TradingView

By Thu Nov 1, Ether is still under bearish pressure, while the activity is at its lowest, according to Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

On H1, Ether is most likely correcting after the previous heavy downtrend. Currently, this correctional move reached 61.80% Fibo. Locally, the crypto is forming a tightening triangle, which should lead to the end of consolidation. If the pattern’s upper boundary is broken out, the price will reach $200.20, or 76% Fibo. Conversely, of the lower boundary gets broken out, Ether may reach the low at $191.24, and then the fractal at $189.24.

Among fundamentals, Vitalik Buterin’s speech is in focus. The Ethereum creator said the company is going to speed up Ethereum by 1,000 times. This is planned to be done with Serenity update, which would enable around 14,000 TPS. Current speed is similar to mobile phones produced in 1999, according to Buterin, as it is as low as 20 TPS. Such a vivid example is most likely given for people to understand the digital world is very much connected to modern life.

This update implementation was quite complicated, Buterin says, as, among other things, it was connected to The DAO hack, when a code bug led to large losses. However, the dev team is not going to stop working after Serenity is brought online.

Ethereum must be developed further on in order to sidestep the competition, such as EOS and Tron, that also aim at increasing the TPS. The first to achieve much larger transaction speed will be on top of the crypto evolution and will have an advantage for long.

Other news are mostly general. This week, a news came from India saying the local government may ban cryptocurrencies. The uncertainty period is thus likely to come to an end. The Financial Stability Board led by the Minister of Finance discussed cryptos, and in the course of this discussion it was stated that cryptocurrencies carried a lot of issues and risks. The meeting minutes mention such an uncertain thing as a ‘private cryptocurrency’. In fact, anything could fit, from Bitcoin to any other unregulated crypto.


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.

Dmitriy Gurkovskiy

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

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