Ethereum (ETH) Technical Analysis: ETH Prices above $550 Open Doors for $1,000

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by Coin AIO 1068 views 571

All in all, there is a recovery in the crypto space and we can see that in the last day alone, the markets have gained more than $15 billion. In that time space alone, Ethereum (ETH) is up six percent and there is room for more not just from a fundamental point of view but from the way technicals are set up.

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For adoption, then the product must be easily understood and the best way of facilitating this understanding especially amongst beginners is to eliminate industry jargon. On top of that, if it’s a digital product as Ethereum then we must have a nice, intuitive interface and this is exactly what BankEX has done.

As a Fintech company that wants to merge the blockchain and offer Bank-as-a-Service (BaaS) to their client base, BankEX contributed immensely to Ethereum and blockchain by launching BankEX Scan. After all, this will perfectly sync with their digitization, tokenization and exchange of traditional asset in the long haul.

This simple explorer makes it possible for newbies and even experienced persons to search for ETH and ERC721 token balances. On top of that this convenient tool can come in handy when searching the entire Ethereum blockchain should you want to know addresses, block number or miner and the network’s hash rate.

What it basically does is that it offers more than what ETHScan provides and what’s more, Android users can download the app for free. If not then you can check their functionality at their web page.

Now, after that explosive post by a dApp developer Justo, the network is now back to normal capacity. Partly, this can be because of FCoin’s change of listing methods. They now have a new ranking method:  The Cumulative Deposit Number Ranking. This is available for tokens who wish to trade the Chinese exchange.

By extension this also means the network won’t have to cope with billions of transactions clipping capacity.

At peak, Ethereum processes more than one million transactions per second.

Ethereum (ETH) Technical Analysis

Weekly Chart

Ethereum (ETH) Technical Analysis

Ethereum Weekly Chart by Trading View

Note: there is nothing extra ordinary about recent Ethereum price movements. As a matter of fact, ETH is moving within a consolidation. It is also replaying the same price movement inside week ending June 24 high low. That was that strong ecstatic sells sending ETH prices towards $400, our main support line and sell trigger.

Now, while we can argue and conclude that all we need is a push above $555 for our three bar reversal pattern that formed after week ending July 8, we must realize that we are in a deep bear trend. The past two months can attest to ETH’s depreciation.

Daily Chart

Ethereum (ETH) Technical Analysis

Ethereum Daily Chart by Trading View

Without drawing some weird charts, it appears that we are trending within a general short to medium term. You can check that strong acceleration between mid March peaking at April and then dropping thereafter to current prices.

Yes, it has been a strong depreciation but it looks likely that buyers have been soaking up this depreciation nicely in an effort versus result scenario.

Note that it took 2.5 months to reverse April gains and that’s why I need prices to close above $500 or even $550 before buying ETH with targets at $850 and later $1000.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Tags: BankEX Ethereum Scanner, BankEX Scan, Ethereum (ETH) Technical Analysis, Ethereum Price Forecast, Ethereum Technical Charts