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Ethereum ready to run
All eyes are on Bitcoin, but some badysts think you would be wrong not to notice Ethereum (ETH). The popular cryptocurrency has underperformed Bitcoin, recording a 100% increase since the beginning of the year compared to 130%, but some are certain that the ETH has upside potential.
The one-day diagram of Ethereum is about to see its 100 exponential moving averages (EMAs) and 100 single moving averages (SMAs) crossed. As by a tweet by Josh Olszewicz of Brave New Coin, the last time the badet saw a bullish cross on both levels, which followed was a 1-digit rebound at $ 1,400 in the wild upward spiral of 2017. Even though it is unlikely that Ethereum will experience such an explosion again, the impending moving cross must be considered bullish.
This is not the only positive sign for the Ethereum chart. According to Nebraskan Gooner, who postulated yesterday that Bitcoin could break $ 400,000 if its indicator stays the course, the ETH's daily chart shows a consolidation breakout with a new test of support levels. This supposedly shows that Ethereum is still in a "gentle uptrend", bodes well for bulls.
More importantly, however, the four-hour period announces well, with the ETH above key support levels, paving the way for a break with the short-term triangle (see below). right image). In addition, the Balanced Volume (OBV), an indicator intended to predict trends by examining volumes, is in a bullish flag and looks ready for a breakthrough. This is important because the OBV has become one of the main escape signals of recent months.
No reason to be too bearish for the moment.
Daily shows a consolidation badysis with a support test. (A lousy retest that can trigger emotions) If we look at it objectively, then this trend is always gentle.
4H looks a bit bullish with the OBV flag. pic.twitter.com/4BMci33XwX
– NebraskanGooner? (@nebraskangooner) June 2, 2019
Ethereum techniques are not only optimistic, but so are its fundamentals. According to previous reports, the ETH petrol station revealed that the Ethereum network had broken its "Total Daily Gas Used" record yesterday, meaning that the chain had handled a huge amount of data from countless users. This is remarkable, especially since the ETH is still down more than 70% from the unprecedented high of US $ 1,400, reaching the peak of cryptomania in early 2018.
This is not the only sign of a growing interest in Ethereum as a platform, not just as an investment. According to a recent tweet from Binance's research division, most other fundamentals of the network are blinking green. More specifically, the number of active addresses reached a peak in ten months, daily chain transactions are the highest of the year and the market capitalization of Ethereum reached a peak in eight months.
According to Anton Pagi, the last time Ethereum saw so many active addresses, about 356,000, sad Ethereum in the middle of the $ 400, "upward as well as downward".
$ ETH The number of active addresses again shows how much undervaluation #Ether is right now.
356k active now.
Historically, this level of use has averaged US $ 400, up and down.
Coincidentally, my target price is currently $ 420, based solely on technical badistance. pic.twitter.com/KdfBroX9f9
– Anton Pagi (@AntonPagi) June 2, 2019
Title Image Courtesy of Marco Verch via Flickr
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