Ethereum Price Analysis for March, 6th – ETH Resumed Growth
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Friday, March 6th, the ETH is growing smoothly, trading at 235.55 USD.
On H4, it may be seen that the decline has corrected the previous uptrend by more than 38.2% Fibo. Now, the quotations have formed a triangular consolidation as a correction of the last descending impulse. Meanwhile, it should be realized that as soon as the quotations escape the consolidation area, they will either continue declining or form a new wave of growth. If the price breaks the resistance level out, the nearest significant goal of growth will be the peak of 288.98 USD. If the low of 209.28 USD is broken out, the quotations will go on declining to 50.0% (202.56 USD) and 61.8% (182.34 USD).
On H1, there is a consolidation phase playing the part of a correction. The quotations have reached 38.2% Fibo but may reach 50.0% (243.50 USD). On the Stochastic, the lines have entered the overbought area, forming a divergence. These signals taken together may mean a pullback upon reaching the target level.
Major ETH owners keep buying more and more cryptocurrency. These savings might reflect their hopes for the growth of the cryptocurrency in the future. The observations are based on the analysis of the statistics of the largest wallets.
The latest reports show that a hundred of the most devoted ETH lovers keep aggregating the cryptocurrency. This happened after a “silence” at the beginning of the year; now things are returning to their places.
It is hard to say what the users are counting on this time. The expected 2.0 network looks more like an illusion now, though the system may be launched this year. However, for its full-scale implementation, several years may require. The first 2.0 iteration may feature no functions for transactions, and if so, the assets will be frozen inside it until the day these options are added.
Of course, the main foothold of the ETH is the introduction of technology to decentralized financial services. Inside DeFi, there might be assets amounting to no less than 1 billion USD, and the rivals are trying to keep up. However, the market is still worried about the safety of the network, as well as about how real the decentralization of the Ethereum is.
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