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Crypto Price Analysis: ETH Looks Strong

Crypto Price Analysis: ETH Looks Strong

This analysis brought to you by RoboForex.

On Friday, October 23rd, the ETH rate keeps aiming high after a noticeable increase the day before. The coin is generally trading at 415.20 USD.

On D1, ETH/USD bounced off 38.2% Fibo, then broke through 23.6% Fibo. We may currently expect the quotations to return to the broken level. When the correction is over, the quotations may bounce off 23.6% and go on developing the upwards dynamics. The MACD histogram is nearing zero, giving another signal of further growth with the aim at the nearest resistance level – 480.00 USD.

On H4, the pair keeps going towards the upper border of the channel, demonstrating the development of the uptrend. Before it breaks through the resistance level, there might happen a minor pullback, stimulating another wave of growth to 480.00 USD. The Stochastic is going up to the overbought area, increasing the chances for a correction before further growth of the price.

The number of operations with the Ethereum has recently increased so much that by the end of the year, its blockchain will have processed transactions for 1 trillion USD. The average market expectations, however, promise the BTC blockchain to show an annual performance of 800 billion USD.

This information came from Messari, a data aggregator in the crypto market. The ETH is presented as the first public blockchain to win over the BTC in terms of the number of transactions. The main influence here was the increasing interest of users towards decentralized financial apps (DeFs). The “boom” happened in the second quarter and seems to go on.

The ETH blockchain processes transactions for 7 billion USD daily, while the BTC blockchain – for only 3 billion USD.

The difference may be explained by the fact that the BTC blockchain processes operations in its own cryptocurrency only, while in the ETH blockchain, one can use any cryptocurrency they prefer.

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.

 

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