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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Price Analysis: ETH Set for $150, Bull Pin Bar Prints

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis ethereum

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  • Ethereum Price finds support above $120
  • Analysts say Ethereum Futures are complicated
  • Transaction volumes low, ETH/USD ranging

Even without Constantinople, prices are steady, and although it may be months or even years before ETH Futures gain traction, bulls are vibrant. At spot rates, there is a demand for ETH and prices might soar to $170 by end month.

Ethereum Price Analysis

Fundamentals

A day after Constantinople, Ether prices are faring quite well, and as developers prepare for another conference on Friday to deliberate and fix the next launch date, it seems as the ETH Futures hang won’t leave.

While CBoE and CME Bitcoin Futures went live 13 months ago, their dismal performance means investors would take a cautious, wait-and-see approach even if the CFTC decides to approve Ethereum Futures. Although Paul Chou of LedgerX won’t discount possibilities of such a product in 2019, he agrees that the market isn’t ready for the product.

That’s not all, Jeff Bandman—a Former advisor of the CFTC said the planned shift from proof of work to proof of stake would complicate regulation amplifying risks related to a product that runs from such a system and simultaneously confusing developers. According to these analysts, the fact that PoS system requires coin staking,  regulators would interpret it as potential risk.

Candlestick Arrangements

Ethereum

As debate rage on the fitness of Ethereum Futures, ETH is struggling against sellers but bullish. The coin slide 19 percent in the last week and down 2.9 percent in the previous day. However, since prices are above $120, yesterday’s trade plan holds and moving on, aggressive traders can fine-tune their entries in lower time frames with tight stops at Jan 14 lows.

We retain this bullish stance because not only are bars consolidating but the fact that they are inside a bull bar places buyer at an advantage solely from an effort versus result point of view. Then again, the confirmation of the importance of $120, a support level by Jan 14 double bar bull reversal pattern off the 61.8 percent Fibonacci level drawn on Dec 2018 high low mean there are more chances of a rally above $150 in the short-term.

To reiterate our stand, conservative, risk-averse traders ought to buy ETH once there is high volume, wide range bars above $170. At the same time, once prices race above $140 or Jan 14 highs, aggressive traders can buy at spot rates with targets at $170 and stops at $120.

Technical Indicators

Trade volumes are low and for our immediate trade conditions to be valid, then bull bars thrusting ETH prices above $140 should be at the back of a sharp rise in market participation. Volumes should exceed recent averages of 347k on the lower limit, above Jan 14’s of 378k and on the upper edge surpass Jan 10’s of 684k.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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