Ethereum Price & Technical Analysis: ETH to Consolidate

| Updated
by Dmitriy Gurkovskiy · 2 min read
Ethereum Price & Technical Analysis: ETH to Consolidate
Photo: QuoteInspector

The ETH is going down slightly Thursday, trading at around $245.01.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

  • Vitalik Buterin says Bitcoin SV is a scam
  • Ethereum focuses on security

On W1, the Ether is continuing its correction, which reached 23.60% Fibo. While the Stochastic lines are headed up, the correction rise is likely to continue after a short pullback, with the targets at 38.2o%, or $367, and 50%, or $456.

Photo: Roboforex / TradingView

On D1, the resistance was broken out and the uptrend ended; the price pulled back to the resistance which now became support. With the MACD headed up, the price is likely to bounce off the support and reach the resistance at $322. The support, however, may also get broken out, in which case the price will be sent to the primary support at $185.

Photo: Roboforex / TradingView

On H4, a triangle has been formed. The Stochastic is up, and the price is reaching the short term descending channel resistance, which means the ETH is likely to rise after a breakout. Conversely, the triangle may get broken out top down, which will fix the price below the support at $237.

Photo: Roboforex / TradingView

Vitalik Buterin, Ethereum creator, said Bitcoin SV was a con, as it is designed for a few people to get msximum profit. The people behind the fork did not ever want to make it an easy financial tool, he adds, their only goal being to earn money on investors.

Buterin does not like Binance either, saying it is very slow at processing transactions, which is not good for the users’ interests. Besides, Binance’s fee is slightly higher than other exchanges’, and the listing is too expensive. Finally, Buterin says it is too much centralized, which is very bad for the crypto sector development.

Ethereum, meanwhile, is focused on security. In late May, Buterin spoke on a transaction mixing system that could boost the security drastically. This could be a good tool, and while the fee may increase, Buterin thinks it is well justified.

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, Binance News, Cryptocurrency news, Ethereum News, Guest Posts
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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