Hot Topics

Advertisement

Advertisement

Crypto Price Analysis: ETH Keeps Correcting

 
Crypto Price Analysis: ETH Keeps Correcting
Ethereum / Breaking News / ETHUSD

This analysis brought to you by RoboForex.

On Friday, October 30th, the key altcoin keeps developing a correction. It is generally trading at 377.13 USD.

On D1, ETH/USD has broken 23.6% Fibo and is heading for 38.2%. We can currently expect the quotations to return to the lower border of the channel. At the end of the pullback, the price may test 38.2%, bounce off it, and go on with the uptrend. The MACD histogram is near zero, which is another signal for the correction of the coin. The aim of growth after the correction is still the nearest resistance level of 480.00 USD.

On H4, the pair is still heading for the lower border of the channel, which may mean that the correction of the general uptrend will continue. Simultaneously, on H4, the resistance level may be broken away, which will make the correctional wave continue. The Stochastic is declining to the oversold area, increasing the chances for further correction before further development of the uptrend. The aim of the latter is 480.00 USD.

While the world is waiting for the Ethereum 2.0 update, users and watchers keep saying that right after the network transcends to the new level, the demand for the Ethereum may drop abruptly (https://consensys.net/insights/q3-defi-report/). The point is that with the growth of the popularity of decentralized applications (DeFi), the interest to the ETH and the whole network may drop.

One argument is that the function of stacking that will appear in the new version of Ethereum will allow us to increase the volume of your coins passively. Potential profit will be replaced by the opportunities of DeFis; there is, indeed, a chance that with time, the ETH will become less interesting for the market.

It is already quite clear how fast the market of DeFis is developing and what potential it has. It definitely has liquidity as well as an opportunity to open deposits in cryptocurrencies. This, in turn, provides for the high profitability of investments. Are these apps rivals of the ETH? It seems so.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's 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.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

You can share this post!

Advertisement