Ethereum Price Analysis for February, 11th – ETH Deep in Correction
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Tuesday, February 11th, the ETH is declining, trading at $219.78. This is the second day in a row in the “red zone”.
On D1, the Ethereum keeps demonstrating an uptrend as a correction of the previous decline. By now, the quotations have broken out the resistance line of the previous channel, which means an attempt to speed up the growth to the target level of 50.0% ($239.50) Fibo. Also, the ascending of the MACD lines supports the market intention to grow. However, in the short term there might happen a pullback to the support level of $190.00.
On H4, the Stochastic points at an approaching pullback. Currently, the quotations are testing the overcome resistance line. If the test ends in a bounce, we will soon see a new impulse to the local high and the mid-term goal of $239.50. However, the possibility of a breakout of the tested line and a decline to $190.00 is quite high.
In 2019, the miners’ income from producing the Ethereum fell by 75% amounting to some $936 million. The miners’ profit per block was $901.1 million, $34.5 million more was earned as a fee for transactions. Just to compare, in 2018, their aggregate income was no less than $3.78 billion. Anyone can notice that the profitability of mining – at least, with the ETH – is declining.
The ETH mining was the most profitable in January 2018, which was connected to a steep increase in the altcoin price. The higher the price of a cryptocurrency, the more profitable its mining is. However, as miners themselves say, this works only in the short term. In the long run, the approach becomes inefficient because the number of players grows alongside with the difficulty of mining, which affects the profitability of mining adversely.
On the market, they keep watching the development of the zero version of Ethereum 2.0. The release date has not been officially announced. The Ethereum creator Vitalik Buterin is 95% sure the version will be released before the end of 2020.
Disclaimer: Any predictions contained herein are based on the authors’ 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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Dmitriy Gurkovskiy, Khareem Sudlow