On Thursday, May 14th, Ethereum (ETH) price keeps growing, the second-largest crypto is currently trading at around $202, having added 6% in the last 24 hours.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Ethereum (ETH) price analysis
- Buterin believes in the efficacy of the Ethereum
- A new cryptocurrency appeared on the ETH base
On W1, ETH/USD demonstrates a new wave of growth after the recent swift decline. Ethereum (ETH) price reached 50.0% Fibo and pulled back to 38.2%. Currently, the quotations go on growing after the decline. A breakaway of 50.0% will mean the continuation of the uptrend. However, the values of indicators differ from the chart. The MACD histogram has remained near zero for several weeks, which may mean that buyers and sellers are equally strong. The signal lines of the indicator are almost under zero, which also indicates a parity of buys and sales. The Stochastic keeps moving horizontally near 20, giving no substantial signals at the moment. It may start moving soon, however, this requires serious reasons.
On D1, trading signals are more interesting. The pair keeps developing an uptrend. It has just pulled back to 50.0% Fibo and is now bouncing off it. Upon breaking away 61.8% it may head for $240.00 USD. The MACD has formed a Golden Cross; the price keeps working off the signal. The Stochastic is also growing after it has formed a Golden CrossIt has not reached the overbought area yet, which means it may go on growing.
On H4, the pair keeps growing inside an ascending channel. It has just bounced off 50.0% Fibo and is heading for 61.8%. If the price breaks it away, this will confirm the uptrend. As on longer timeframes, the goal of the growth is at $240.00 USD. The Stochastic is forming a Golden Cross, which additionally confirms the growth.
According to the creator of Ethereum Vitalik Buterin, after updating, the platform will be able to carry out up to 1,000 transactions per second, while current technical opportunities allow no more than 15 operations per second. Buterin states that the result will be reached thanks to solving the problems of scalability.
To make things go, they need to introduce the Optimistic Rollup project. It will appear on the platform after the update to the second version; no one knows for sure when it will happen. Ethereum 2.0 will also probably solve the problems of safety and privacy. In other words, there are many hopes connected to this update, such as a hope for the Proof-of-Stake technology which will let users receive a passive income of about 3.2% per annum.
There is also progress in daily life. Reddit has issued its own cryptocurrency based on the ETH. Two tokens are undergoing beta-testing: the participants are to create a wallet for storing and spending the cryptocurrency. The altcoins may not be withdrawn without a special key. Testing is planned to go on until September, after which the altcoins will appear in the crypto market.
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.