Ethereum Price Analysis for May, 19th – ETH Looks Very Promising

By Dmitriy Gurkovskiy, creator at RoboForex Weblog

On Tuesday, Might 19th, the ETH price is correcting barely after regular development. The cryptocurrency is mostly buying and selling at 214.17 USD.

On D1, the pair retains creating an uptrend. Presently, it’s testing 61.eight% Fibo once more. If it breaks the extent away, we might discuss additional development contained in the ascending channel. The potential purpose of the expansion remains to be at 240.00 USD. The MACD goes on working off the Golden Cross that fashioned final week. The histogram is above zero, signaling the continuation of the uptrend.

On H4, the pair retains rising contained in the ascending channel. A bounce off the decrease border led the value to the resistance stage at 61.eight% Fibo. As on D1, the breakaway of this level will let the quotations rise increased. The Stochastic retains working off the Golden Cross, confirming the expansion. The purpose of the uptrend remains to be at 240.00 USD.

This week, the commerce quantity of the ETH is nearing its all-time excessive. In accordance with Tradingview, the quantity of lengthy positions has been rising because the starting of the 12 months reaching 1.63 million ETH. Traders assume that this may increasingly imply additional development of the altcoin. After the halving within the BTC community that decreased the reward per mined block two instances, the eye of the crypto market switched to the ETH. Right here, buyers are grasping for any details about testing or implementing the Ethereum 2.zero community.

On the platform, they assume that switching to the second model of the ETH will affect the market greater than the BTC halving did. The purpose is that the replace of the community has its elementary peculiarities and can change the circumstances for customers. There’s nonetheless some uncertainty about this however it’s regular.

Within the Ethereum 2.zero, a number of essential elements have to be realized directly. Firstly, the replace will resolve the issue of scalability this or that manner. The Optimistic Rollup growth is supposed for this which is able to enhance the capability of the community as much as 1,000 transactions per second. Secondly, the algorithm will change from Proof-of-Work to Proof-of-Stake. Thirdly, they plan to introduce the sharding system that can distribute the transactions and good contracts between the prevailing blocks.

Altogether, this may make the ETH principally totally different. That is in all probability the rationale for which the ETH price is rising.

Disclaimer: Any predictions contained herein are primarily based on the authors’ explicit opinion. This evaluation shall not be handled as buying and selling recommendation. RoboForex shall not be held liable for the outcomes of the trades arising from relying upon buying and selling suggestions and critiques contained herein.

Picture(s): Shutterstock.com

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