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Ethereum prices are slowing down. At the end of the eight last week's gains from last week, prices are going in lower time frames. Although yesterday was bearish, we expect prices to rise and synchronize in line with last week's gains. However, for the activation of long-term bulls, prices must close above $ 300 or the week ending September 9th.
Latest news on Ethereum
There is no doubt that Ethereum is the market leader when it comes to intelligent procurement and development of dApp. Thanks to its pioneering advantage, the platform is a go-to platform for developers and start-ups seeking to raise funds. Their preference seems to be because the network is tested over time and secure. Furthermore, the Ethereum foundation has been at the forefront of working on scalability proposals such as plasma and network fragments.
Theoretically, these solutions, Vitalik Says, can scale the network by allowing it to process billions of transactions per second by usurping Tron's. All things constant, Ethereum must work to make this possibility in the days to come or to fight with the endless blows of Justin Sun, the founder of Tron. Tron is the rival of Ethereum but uses different consent algorithms that make it scalable, fast and its Tron Virtual Machine is compatible with that of Ethereum.
In other news, the largest brokerage firm in Brazil, Grupo XP plans to enter the cryptographic space. While there are no specific dates for the launch of the exchange, the XDEX exchange must list ETH. For convenience, it will employ 40 crypts specialists. This is an advantage for ETH. Although "Grupo XP" is obliged to launch the exchange, it comes at a time when regulators have a regulatory framework in place. The framework lists the applicable tax laws for fund managers investing in Ether and similar cryptocurrencies.
Price analysis of Ethereum
Most noteworthy, ETH prices have increased by eight percent in the last week, but are still on trend in the week, ending September 9 with the candle. If nothing else, the recent revivals, despite the large volumes of support, are just perfect opportunities for sellers to add to their positions. Even more if this week fails to close above $ 250 or $ 300. From previous business plans of Ethereum, prices are technically falling. Although, of course, it will take some time before there are solid inversions that close above the key resistance levels. In this case, the $ 300 or weekly highs of 9 September are important in the event of a turnaround. For this reason, it is advisable to assume a neutral position going forward.
As in the weekly chart, the bulls of the ETH are facing resistance. However, as the market is rejuvenated, aggressive traders can charge at spot prices as long as prices are traded within the historic low of September 21st. The reason for this projection is that on 21 September it exceeded $ 230, causing long positions in a small position shortly after the losses on 17 September threatened to push prices below $ 200.
But this projection is only valid as long as the prices of Ethereum are in a narrow range between $ 230 and $ 250. Any bending below this value may also signal a trend of $ 200 by canceling gains from the last week. However, considering our previous business plan, we suggest patience for conservative traders until there are no gains above $ 300. Subsequently, traders may begin to rise long on declines as mentioned above.
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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