Analysts: Ethereum enters the buy zone
Ethereum has not done much in recent months. Since Bitcoin started rallying earlier this year, Altcoins have suffered across the board and have fallen against the leader.
ETH is said to be in the center of a buy zone. At the same time, a number of analysts have claimed that the second largest cryptocurrency is ready to rise higher in the coming weeks and months. This confluence can be a solid buying opportunity.
Ethereum in the Key Buy Zone
If one has ever followed the financial markets, one knows the importance of the 183 – daily moving average , This level, according to analysts, is an indicator of the trend of an asset. And according to an analyst, it may be a way to determine when it is ideal to buy a cryptocurrency.
Bitcoin trader BitDealer has recently determined that ETH is likely to be in a medium to long-term buying zone 696 lies. At the moment Ethereum is in this zone and is acting at 29 $ less than the technical level currently available at
Josh Olszewicz from Brave New Coin recently noted that the recent consolidation of the cryptocurrency in the price region of has enabled ETH to create a bullish chart pattern, an ascending triangle, a signal that often implies a bullish trend continuation for the asset in question. He notes that a measured movement for this triangle is a 213 in the coming weeks.
– Josh Olszewicz (@CarpeNoctom) 30. October 2019
This came shortly after Olszewicz argued that he expects the price of ETH from 181 $ %). While this seems crazy, the recent move has bullish the charts of many cryptocurrencies.
On the fundamental side of the cryptocurrency, Ethereum’s decentralized finance (DeFi) ecosystem has continued to increase, reaching a new all-time high recently. The next system-wide upgrade of Ethereum, Istanbul, is expected to be activated on the Mainnet in the week of December 4th.
Text Proof: newsbtc
Last update: Monday, November 4 2019