• Ethereum’s price has been on the rise, recently breaking above the $1300 resistance level.
• Technical analysis suggests that a short-term correction is probable, with the 200-day moving average around the $1400 mark and the 50-day moving average around the $1300 mark being potential turning points.
• Ethereum’s price could soon reach the $1800 level, however, investors should be mindful of the potential for a correction.
Ethereum has been on a major price rally over the past few weeks, with the price recently breaking past the $1300 resistance level. The bullish sentiment has been echoed by technical analysis, with indicators such as the RSI in overbought conditions suggesting that a short-term correction may be in order. If so, the 200-day moving average around the $1400 mark and the 50-day moving average around the $1300 mark could be potential turning points.
The overall trend for Ethereum remains positive, however, with the cryptocurrency on track to reach the $1800 level soon. This would mark a major milestone for the cryptocurrency, and a sign of a strong recovery from the bear market of 2018. Despite this, investors should be mindful of the potential for a correction, and be sure to monitor the technical indicators closely.
On the fundamental side, Ethereum has seen some major developments in recent weeks. The upcoming Istanbul hard fork, which is set to occur in late 2019, is expected to improve the network’s scalability, allowing for more transactions per second with lower transaction fees. Additionally, Ethereum 2.0 is set to be released in 2020, bringing with it a major upgrade to the network’s underlying consensus algorithm. This could prove to be a major catalyst for Ethereum’s price in the future, and is something that investors should be looking out for.
Overall, Ethereum’s price has been on an impressive run lately, and there is a good chance that the cryptocurrency will hit the $1800 mark soon. However, investors should be aware of the potential for a short-term correction, and be sure to monitor the technical indicators closely. With the upcoming hard forks and Ethereum 2.0 likely to bring some major improvements to the network, the long-term outlook for Ethereum remains positive and investors should keep an eye on the cryptocurrency in the coming months.