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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Retrace to $230 or $190 On The Table

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read
technical analysis ethereum

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  • ETH liquidation at $300
  • Ahead of Serenity, developers prefer Ethereum over competing platforms.

A raft of supportive fundamentals, on-chain development, and optimism amongst investors is behind Ethereum’s (ETH) resilience. Although under pressure, the uptrend is solid. Even so, for buyers’ confirmation, bulls must clear $300.

Ethereum Price Analysis

Fundamentals

Year-to-date, Ethereum (ETH) is lagging the world’s most valuable digital asset, Bitcoin (BTC). That is despite the positive correlation they share. However, it wasn’t until May that prices began flashing, printing green and edging higher, breaking above the $200 and later $250 level.

Currently, positive fundamentals will likely propel prices above the $300-mark building a foundation for $400 by Q2 2019. At the fore is the expected winter because of the implementation of EIP 1234. Through this, miner rewards will be slashed by a third. It is this “Thirding” that the amount of ETH in circulation will drop, allowing supply-demand dynamics to price ETH fairly.

With EIP-1234 in place, here are updated Ethereum issuance numbers in 2019.

In summary, a lot of unnecessary selling pressure is now out of the market and inflation is around 4.7%. pic.twitter.com/DbHFUWZhza

— eric.eth (@econoar) August 31, 2018

Most likely, prices will be rounded higher at the reprieve of holders who had to contend with last year’s steep price falls. But it’s more than thirding or the acceleration towards Ethereum 2.0. The platform is not surprising attractive to developers.

Candlestick Arrangement

Ethereum ETH

There is resistance for higher highs. In the last day, ETH is down 3.7 percent, reacting from $290 as sellers appear to press lower, forcing liquidation. For bulls to cement their position, then it is vital for prices to break free from the current consolidation, preferably at the back of high trading volumes.

In a breakout, there will be an impetus for more upsides. In that case, the possibility of ETH clearing $400 or higher by the end of the quarter will be on the cards. Since prices are oscillating inside May 30th trade range, sellers are temporarily in charge from an effort versus result point of view.

It all depends on what happens in the next few days now that support is at $230 or the 50 percent Fibonacci retracement level of May trade range. Any breach will surely confirm bears of May 30th, and in a trend continuation, ETH prices could crumble to $170.

Technical Indicator

In light of the above, May 30th candlestick will anchor this trade plan. It has above average trading volumes of 410k against 191k. As aforementioned, any drop or surge above $230 or $300 nullifying or confirming this trade position ought to be with high trading volumes exceeding 410k.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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