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Ethereum Price Analysis: ETH Looks Strong

Ethereum Price Analysis: ETH Looks Strong

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This analysis brought to you by RoboForex

The Ethereum price is rising again; though it has not yet renewed yesterday’s high of 676.61 USD, it looks rather strong. On Friday, December 18th, it is generally trading at 649.00 USD.

On D1, ETH/USD keeps renewing highs. We can expect the quotations to return to 38.2% Fibo and, upon testing it, go on growing. The MACD histogram remains above zero, which is yet another signal supporting further growth of the quotations. In the nearest future, we might expect a pullback, after which the uptrend should continue. The aim of growth is the nearest resistance level of 685.00 USD.

On H4, the picture is rather similar: the quotations are testing the resistance level inside the ascending channel. After the correction, the pair has all chances for further growth. The Stochastic is in the overbought area, forming a Black Cross, which increases the chance for a correction before the quotations go on growing. The ai of the growth (as on the larger timeframe) is 685.00 USD.

Ethereum technology can help the US government solve the problem of supplying citizens with a lot of antivirus materials. Currently, medical companies are negotiating with the Federal government about the solution to the demand for vaccines. A potential strategy is the Defense Manufacturing Act (1950) that provides the government with better control over manufacturing. The act offers a set of functions that can be extended according to emerging needs.

In this situation, the solutions of the Ethereum blockchain can work efficiently: it uses a one-rank payment chain that makes work with suppliers much easier. Ethereum works with a whole range of payment systems, which simplifies transactions. For the sake of informational confidentiality, Ethereum uses smart contracts, and the US government can also use them upon introducing corresponding instructions. Such collaboration should result in speeding up supplies of drugs, optimizing interaction schemes, and saving money on transactions. It is for the government to make the decision.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex



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.


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