Share price rises 15% – should you buy Ethereum now?
Ethereum (ETH) has risen sharply in recent weeks. The second largest cryptocurrency by market capitalization has been around the low of around 117 Dollar in December 2017 by over 100%. Especially in the past few days, Ethereum has gone vertical. The asset is alone in the last days of 220 $ to 257 $ increased.
Ethereum could soon rise even higher, according to analysts
As observed in a recent tweet from Galaxy, the Moving Average Convergence Divergence (MACD) on the Ethereum 1-month chart has moved from a bear to a bull trend for the first time in two years first time since October 2017.
Indeed, the last time this indicator was seen, the cryptocurrency rose in less than six months from 300 Dollar to a high of 1. 440 Dollar – an increase of just under 400% , A similar rally would ETH over 1 in the coming months. 00 Bring $ 0.
This comes shortly after Michael Van De Poppe, a full-time trader on the Amsterdam Stock Exchange, published a more subdued analysis. He said that Ethereum, the resistance at $ 220 has turned into a support region, probably as a catalyst for a massive 50% rally.
$ ETH #ETHEREUM
My bigger picture chart posted on $ ETH here at TradingView: https: //t.co/RhGuAUvANz
I think we've bottomed out and we're aiming for a possible new higher high.
Breaking $ 220 -> $ (360. Clearing $ 360 and I'm aiming $ 500 .
– Crypto Michaël (@CryptoMichNL) February 6, 2020
The technical background was underlined by the positive trend of blockchain. It has been announced that JP Morgan is reportedly planning to merge its blockchain unit with ConsenSys. Trader and commentator Satoshi Flipper commented on the potential deal as follows, expressing how optimistic he is:
So why is that so optimistic for Ethereum? Because cash is king and JPMorgan has a lot of it. With the upcoming release of 2.0, JPMorgan could wish for a stronger presence in the blockchain arena of companies.
In addition, Ethereum-based decentralized funding (DeFi) recently reached $ 1 billion, a sum that analysts prove is that blockchain financial services have become Ethereum's flagship development.
Proof of text: newsbtc