The ETH stopped rising for a while on June 20, now consolidating around $267.78.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Ethereum 2.0 to get launched properly only in two years.
- Japanese user interest to cryptos boosted heavily.
Over the last week, the long term outlook for the ETH did not change much: the price is still testing the 23.6% Fibo retracement. The Stochastic shows the price may still get to 38.20%, or $367? and 50%, or $456. Meanwhile, the MACD failed to cross the zero line, which, conversely, is a fall signal.
Photo: Roboforex / TradingView
On D1, the ETH is trying to stay in the upper projection channel after the support test. In the short term, it’s still anyone’s game: while the price is making higher highs and building an ascending channel towards $325, the major high has not been broken out yet, and the price may well go down to break out the support at $247 and then get back to the previous channel around $197. The MACD, meanwhile, is up, thus voting for a rise.
Photo: Roboforex / TradingView
On H4, the sentiment is mostly negative, with the price expected to move to $247. This is confirmed with The Stochastic forming a black cross and entering the overbought territory.
Photo: Roboforex / TradingView
The Ethereum major update called Ethereum 2.0 Zero Stage (supporting proof of stake) is scheduled for release on January 3, 2020. This is symbolic, the company officials say, as it was exactly on Jan 3 (11 years ago) when the first Bitcoin block came out.
The upgrade specifications are to be ready by June 30, while around mid October, a contract for money transfer is to be launched. Then, the company will run system tests and perform debugging, to bring the production update to public only in two years.
Meanwhile, the demand for cryptos has been majorly boosted in Japan. According to the search engine data, the number of crypto related queries increased by 170% over 2018. Most queries are related to the trading process, as well as security and payment options.
With the Japanese government being wary – if not skeptical – about the cryptos (there’s even a bill on crypto risks control), these numbers are curious indeed.
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 Company 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.