ETHEREUM(ETH): Will Ethereum coin hit $2000 Mark in upcoming days?

  • Ethereum is travelling in a consolidated zone with a price level of $1197.8 by an intraday loss of 1.85%.
  • Ethereum coin has seen a prominent decrease in inflow into the exchange, indicating people’s belief to be increasing on ethereum.
  • ETH/BTC pair is at the value of 0.03383 with an intraday gain of 1.2%.
SOURCE: Glass node

Over the past few weeks, Ethereum has remained in a consolidated zone while 2.5 million Ethereum locked in Ethereum 2.0 wallet. Meanwhile, the new upgrade of Ethereum which is EIP-1599 will help to introduce a base fee for each transaction and will also reduce the spamming. The Exchange inflow of Ethereum coin has been at its lowest level of a year time-frame which hints that big whales are circling around. Pantera Capital, A most prominent Blockchain venture capitalist, indicated that Ethereum is undervalued coin as compared to Bitcoin.

Source: Trading view

Technical Analysis:

Ethereum is currently trading at a level of $1197.8 with a -10% change in volume while it has seen a positive rise of 10% as per the change of BTC in 90 days cycle. ETH has formed a Doji candle in the previous trading session, which indicates that investors are concerned for Ethereum.

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RSI(BULLISH): RSI on ETH  is trading at a level of 64.83(at the time of writing) while heading towards a bullish range. The positive slope is observed in the daily chart while indicating bullish momentum can continue.

MACD(BEARISH): MACD on ETH  is trading at a positive level. A negative crossover can be seen in Ethereum coin in upcoming days. Bars of the histogram form a negative region with smaller lengths, indicating that the price may see a bearish trend for quite some time.

CONCLUSION :

Ethereum coin has been profitable for investors in quite a long time. It has been a base for the rise of many coins. It can be fruitful in future if done advertently.

Technical levels:

Major support:$1292

Major Resistance:$1146

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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