Ethereum Price Analysis for April, 7th – ETH Aiming High
On Tuesday, April 7th, the ETH price is growing confidently, trading at 172.20 USD, says Dmitriy Gurkovskiy, author at RoboForex Blog.
The situation on the Ethereum market should still be interpreted as correctional growth after a serious decline. Escaping the consolidation Triangle by a strong impulse upwards, the quotations reached 38.2% Fibo and are aiming at 50.0% (189.45 USD). The ascending MACD lines confirm the bullish trend. The support is at 139.50 USD. Its breakaway will open the way to a low of 89.80 USD.
On H1, the ETH/USD quotations have broken the resistance line of the short-term channel of growth, so the local support is now at the level of 166.00 USD. The dynamics of the Stochastic are also noticeable: the indicator is preparing a Black Cross in the overbought area, indicating a potential pullback. Its start will be signaled by a breakaway of 166.00 USD, and its aim will be 151.50 USD.
Since March 13th, the ETH has grown by 105%. After a drop in March, a pullback looks like a natural scenario but there is no guarantee that the growth will continue. The volume of trades for the ETH has grown by 77% to 23 billion USD. According to Into The Block, about 63% of the altcoin holders are now suffering losses and only 23% are making a profit. Some 13% of the users have bought the ETH at a price similar to the current one.
The launch of the Ethereum 2.0 network is attracting a lot of attention, however, it now looks quite different from what we would like to see. For example, there is evidence of mass fraud: hackers are trying to steal the cryptocurrency, offering users a blockchain that does not exist yet.
For example, an Ethereum 2.0 portal PoS pool suggests working with the client’s ETH coins, offering an over 100% profit for their placement. The site uses false links to real projects to create an illusion of trustworthiness but all this is a fraud: the Ethereum 2.0 network has not been launched yet, and the date of its start is unknown.
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