After peaking at $350 back in June, the Ethereum price has been on a steady decline ever since. After staying at the $200 level last month, ETH has bottomed out at $170, which is where we are today.
Some awesome news today for Ethereum. Coindesk reported that Telegram’s new blockchain TON will be compatible with Ethereum’s network. Specifically, TON will have support for Solidity – Ethereum’s smart contract language – allowing Ethereum apps to run on TON.
Telegram held an ICO back in 2018 for their $GRAM token which raised over $1.7 billion. After over a year in development, the Telegram Open Network (TON) is planned to launch by October 31st, 2019.
Telegram is one of the most popular chat apps for business, having over 200 million users. Moreover, most cryptocurrency companies and users have a telegram account, which is one of the reasons it was such a popular ICO. The news that TON will be compatible with Ethereum is definitely a huge win for ETH, and should have a positive effect on the market.
Relative Strength Index: RSI is currently at a healthy 51 points, meaning the market may continue to trade sideways. If the RSI drops dangerously close to the 30 point, it would signify an oversold market. Looking at previous times when the RSI dropped below 30, the decline was instantly followed by a rebound. As such, if the RSI drops below 30 points, that could be a potential target for entering a position.
Bollinger Bands: The Ethereum price is right at the sweet spot for Bollinger Bands. It’s last deviation was unsuccessfully testing $172.5, so we can expect a small drop in the next few hours. Looking at previous times when the price touched the lower band, the rebound was significant. So keep an eye out for too strong of a drop.
Volume: The trading volume is low this weekend. The fact that today is Sunday and tomorrow is Labor day is a potential reason for the low market activity.
The RSI is showing a healthy market and the price is dead center between the Bollinger bands. Moreover, the volume is exceptionally low meaning sideways trading is the most likely outcome for the next day.
Ethereum Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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