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Ethereum is looking to recover from a sell-off of Thu on December 6, trading at around $ 104.02, reports RoboForex Chief Analyst Dmitriy Gurkovskiy.
In H1, the price hit the last local support at $ 98.04, which could be a sign for an uptrend. In the short term, the stochastic was convergent, so a pullback and then a return to the previous channel is quite possible. In this way, the price could be adjusted to $ 106.32 and $ 110.00. In the medium term, in the meantime, a downward trend is possible, with the goal of projection support close to $ 84.93.
The current price of Ether is not just for its value as a blockchain, says Joseph Lubin, one of the creators of Ethereum. According to him, the network is still under development and the changes that the market and ETH in particular are experiencing are very effective. The number of users is growing, especially those coming from Asia. Moreover, the Ethereum ecosystem can be applied to the banking sector, he adds, which is also positive.
As from Lubin sources, Ethereum has now registered 48 million unique users. Furthermore, 12 new nodes were launched, which represent a great potential for the decentralized network.
Currently, when the cryptography market is sinking when it comes to investor interest, developers are committed to creating new technologies that could be used in real life. Once the market is ready, this will be great for ETH to attract new investors and "re-animate". existing ones.
Meanwhile, the amount of ETH on investor portfolios is increasing strongly, having now increased by 80%. The accounts with most of the encrypted money are called "whales" and currently have 20% of all Ether coins, ie about 20 million, while at the beginning of 2017 there were only around 5 million. Investors may enter the ETH due to the market downturn, as most of the altcoins are traded against ETH. The number of "whales" has meanwhile decreased slightly.
Disclaimer: Any provision contained in this document is based on the particular opinion of the authors. This analysis should not be treated as a trading advice. RoboForex can not be held responsible for the results of trading resulting from the commercial recommendations and reviews contained in this document.
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