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Ethereum has seen weak price action in recent days despite the strength of Bitcoin’s price, which has managed to hold above $ 13,000 for a long time.
Ethereum is currently trading for $ 383, down nearly 3% in the past 24 hours. This makes it one of the worst performing crypto assets in the top 20 by market capitalization. Despite this price action, analysts remain optimistic about the major cryptocurrency.
The chart below was shared below just recently, showing Ethereum’s price action over the past few weeks.
Ethereum could rise towards $ 430: analyst
The key analysis in the chart is that Ethereum’s price action over the past week looks eerily similar to that seen in mid-October, during a period of consolidation around $ 370.
This simple fractal analysis indicates that the cryptocurrency could move towards $ 430 and beyond in the coming days.
Both periods highlighted in the chart have extremely similar price action, suggesting that a similar trend will occur once again.
Chart of ETH's price action over the past few weeks with technical analysis by crypto trader Trader Koz (TraderKoz on Twitter). Source: ETHUSD from TradingView.com
Mention of the Reserve Bank of Australia and other fundamentals
Ethereum has fundamental trends that imply further growth on the horizon, at least on a longer-term basis.
Australia’s central bank, the Reserve Bank of Australia, has just announced a new partnership for the central bank’s digital currencies. This will involve ConsenSys, the Ethereum-focused development studio and an Ethereum-based technology:
“The Reserve Bank announced today that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, in a collaborative project to explore the potential use and implications of a wholesale form of digital currency. central bank (CBDC) using distributed ledger technology (DLT) … The project will involve the development of a proof-of-concept (POC) for issuing a tokenized form of CBDC that can be used by participants in the wholesale market for financing, settlement and repayment of a tokenized syndicated loan on an Ethereum-based DLT platform. “
The Reserve Bank of Australia’s interest in Ethereum technology has been taken over by other entities, both corporate and government.
For one, Santander Bank, a major Spanish bank, has settled a small bond on Ethereum.
Many see blockchain as a major step forward in the efficiency and transparency of financial applications. This is probably why Ethereum’s decentralized financial space has seen such a rapid rise in the past few months.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Crucial Ethereum Price Fractal Predicts Surge Toward $430
