As the new week begins, cryptocurrency markets are lighting up in all green. Ethereum is doing exceptionally well with a 7% gain in the past 2 days. Moreover, it’s the best performer in the top 10 cryptocurrencies registering a 3.7% gain in the past 24 hours. Let’s take a look at some relevant Ethereum news and see if the charts tell us whether ETH/USD can hit $200 this week.
Source: Coinmarketcap
As discussed in my previous Ethereum price prediction, Ethereans are gearing up for the ETH 2.0 network upgrade that will solve the current network congestion and provide a host of new features and upgrade to Ethereum. The Ethereum Foundation is set to showcase ETH 2.0 at Devcon in Germany November 19th-20th.
Other than that, Ethereum currently continues to struggle with network congestion and rising transaction fees. The ETH 2.0 upgrade is desperately needed, which leads me to believe the current price hike is due to speculation from traders about the Devcon showcase.
Source: @NullTX from Tradingview
Relative Strength Index: The RSI is currently at a healthy 43 points. This means the market can go either way but will lean towards trading sideways.
Bollinger Bands: After the most recent retracement, the price is currently touching the lower bollinger band. This means ETH/USD will try to rebound at least back to the $194 level.
Volume: While there is volume present, it’s relatively low. There isn’t enough volume currently to sway the market too much in either direction.
Both the RSI and Volume are signalling a sideways trading market. Bollinger Bands on the other hand, are signalling a slight rebound. As such, my prediction is that Ethereum will trade sideways between the $190 and $200 level for the next few hours, given the BTC/USD doesn’t make any major moves.
When it comes to a more medium / longer term trend, as much as I love Ethereum I don’t think it will be able to hold the $200 support level. While the prospect of ETH 2.0 is exciting, currently Ethereum is struggling from network congestion. It’s hard to use many dApps because even the cheapest transactions cost way too much due to Gas fees.
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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