Ethereum Price Analysis for April, 24th – ETH Counts On Hidden Support
By Dmitriy Gurkovskiy, author at RoboForex Blog
On Friday, April 24th, the Ethereum keeps growing smoothly, generally trading at 188.70 USD.
On D1, ETH/USD keeps growing. The quotations are moving inside an ascending channel, periodically correcting. Currently, they are testing 50.0% Fibo. The MACD is still above zero. Judging by all factors, we may conclude that there will be a correction from 50.0% along the Fibo levels. Then the quotations may test the lower border of the ascending channel and go on growing. The aim remains at 200.00 USD. However, a deeper pullback to 38.2% is also possible.
On H4, an uptrend keeps developing. On the Stochastic, there has formed a Black Cross, which may be another signal of a correction to the lower border of the channel beginning. The aim of the decline may be at 164.00 USD. However, the price may keep growing to 200.00 USD without a substantial correction.
Among fresh fundamental news, note that the ETH has been acknowledged as legal property, i.e. from now on you may officially own it and make operations with the coin. This was the judgment of the court in the Chinese town of Shēnzhèn. The altcoin is now under legal protection.
This is yet a unique case of the ETH being acknowledged as an asset. Most probably, it will take months to make the same decision on other levels.
Today, on April 24th, the Deribit exchange will carry out the expiration of a large number of Ethereum options – some 95 thousand contracts. This is the largest expiration of such a derivative during the last 7 months. At the current rate, its execution is estimated at 18 million USD.
The options for these dates themselves look rather liquid, that is why the ETH price may change drastically intraday and further. However, there is another scenario: the market may consider that has made enough money, and the ETH price will remain without change.
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