Ethereum [ETH] is facing uncertainty after breaking the $200 mark earlier this month and is continuing to trade below the $230 mark. However, the charts seem to indicate that a slight upward trend may be in order.
The 20 DEMA is at $227 and is providing a resistance for the post $230 run. The $208 – $225 uptrend may provide support for the next rally as well.
Stochastic indicator is in the middle of the overbought and oversold territories after briefly touching the overbought territory today. It is forming a bearish divergence pattern with the price finding higher highs and the stochastic touching lower high.
The 20 DMA is providing a support for a rally at a price of $220. The price bounced off this to engage in the last upwards move.
A sharp uptrend from $208 to $225 might provide the momentum for a further upwards run.
The MACD is set for a bullish line crossover to occur with the histogram tending towards zero. This, coupled with the strong uptrend, might see Ether breaking the $250 mark.
The Bollinger Bands upper limit is on par with a price at $227, indicating the strength of the upwards movement. The wide bands indicate volatile movement in the price.
The EMA is providing a floor for the uptrend and is currently at $215. The channels between $195 – $210, and $210 – $225 make the price poised for a breakout.
The 20 DMA is at $226, with a bullish divergence showing on the RSI as it makes higher highs. It recently emerged from oversold territory and is making a strong comeback into the buy zone.
The price of Ether is at a crossroads. The sentiment, in general, is low for the currency, considering the FUD being spread around about it.
If that sentiment subsides, the coin could engage in a bull run that could see it testing the $250 psychological barrier and the $290 mark it saw before its decline.
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Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks
Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.
The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.
Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:
“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”
However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.
Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:
“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”
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