Ethereum (ETH) has been trading in a bullish gartley pattern since early 2017. The price has now retraced back to the trend line and already found a strong support. The above chart for ETH/USD
shows that the 10 Week EMA is now primed to cross above the 21 Week EMA. When that happens, we will see a big boost in the price of Ethereum (ETH) and the strong beginning of a new cycle. The volume has been declining steadily since the beginning of the correction and has now reached a point where a reversal is expected. The number of shorts has also fallen sharply in the past few weeks. This shows that the bearish resolve is seriously hurt and the market is preparing for a recovery. Short term uncertainty aside, the big picture for ETH/USD is very clear and it is only a matter of time before we see a strong reversal.
Ethereum (ETH) is not just a cryptocurrency; it is an invaluable technology that could help revolutionize our future. If we consider the blockchain technology to be similar to the Internet, then Ethereum (ETH) is something like Windows. It is a platform on which the whole world around the internet can be built; only this time it will be Internet 2.0. Large corporations like Microsoft and eBay are already part of the Ethereum Enterprise Alliance and it is only a matter of time before they start using Ethereum (ETH) in one way or the other. Blockchain technology is the future and most of these large corporations are now light years behind projects like Ethereum (ETH). They simply cannot afford to experiment with their own blockchains at this stage. In order to remain competitive, most of these corporations like Microsoft or eBay have to use existing blockchain technologies like Ethereum (ETH) as they have been already tested and proven. Once these corporations start using Ethereum (ETH), prices can be expected to skyrocket enormously.
Most blockchain enthusiasts often mention how this technology is bigger than the internet or the dot com boom. Four years back, it would not have made much sense to many of us because we did not truly know what was possible. Today, we know what is possible and can see what is going to follow in the months and years ahead. The way cryptocurrencies and blockchain technology is bigger than the internet is that blockchain tokens or cryptocurrencies are not just like stocks issued by companies. They are also like currencies issued by governments and central banks. So, blockchain technology is targeting two trillion dollars markets, forex and stocks. Ethereum (ETH) being the largest smart contracts platform and a convenient mode of payment will be at the forefront of this disruption. The price of Ethereum (ETH) has already found a bottom against Bitcoin (BTC). The ETH/BTC
weekly chart shows that the price has now broken out of the falling wedge and is likely to climb above the 10 Week EMA in the weeks ahead.