Ethereum is struggling hard, says Dmitriy Gurkovskiy, chief analyst at RoboForex.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Trustology launches an Ethereum wallet in App Store
- Ethereum is number four in Weiss Ratings
- Yahoo Japan to launch ETH and BTC trading on Taotao
Technically, Ether is trading sideways on W1, but the traders should remain wary. With the MACD converging and the Stochastic forming a golden cross, the price may correct upwards once any drivers appear. The correction targets are likely to be at 23.60%, or $257.50, and 38.20%, or $366.60. The overall bearish trend, meanwhile, is heading towards the major long term support at $10, but this level may be taken over only once the fractal at $80.86 gets broken out.
ETH/USD, W1. Photo: Roboforex / TradingView
On D1, one can watch the upside correction continuing, while it is more similar to a consolidation move or a flat trend. The current channel is limited by $119.60 and $198. The MACD slowed down near 0 but is still going up, thus confirming the upside movement.
ETH/USD, D1. Photo: Roboforex / TradingView
On H4, the midterm trend is still ascending. The midterm channel support was tested, and then the price bounced and broke out the short term descending channel resistance, heading towards $148.70. The Stochastic may form a black cross after reaching the overbought territory, which may signal the price going down to the support at $131.75.
ETH/USD, H4. Photo: Roboforex / TradingView
There has not been much news for Ether lately. TrustVault has launched an ETH wallet in App Store. It is open for UK users only, but more countries will be supported later.
The new Weiss Ratings list puts XRP on the first place, while EOS is the second and BTC, the third. Both the XRP and the EOS got an A grade, the latter becoming more popular because of the New Internet. The BTC, meanwhile, is reported to become a good savings vehicle in the future. Ether got A- and is only number four.
The investors think no crypto is worthy of A, through, the best grade for EOS, BTC, XRP, and BNB being В-. This is based on the risk-reward ratio, which shows that the risk component is still prevailing in the market sentiment.
Meanwhile, Yanoo Japan is launching crypto trading on Taotao, which is scheduled to start working in a month. The exchange will first offer BTC and ETH contracts, but then other cryptos will be added. Trading on margin will be also available, which is sure to attract more people to the exchange.
Taotao will use all the utmost security measures, which seems logical after Coincheck attacks.
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 is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.