Home Cryptocurrency Ethereum Technical Analysis: March 04, 2019

Ethereum Technical Analysis: March 04, 2019

Ethereum has a very good risk/reward ratio in the market right now which means you stand to gain a lot more for taking a comparatively smaller risk. Some estimates say that this cryptocurrency could be worth more than $1000 by the end of 2019. According to analysts, dApps will see a huge adoption in this year and Ethereum could be one of the best options which you can currently invest in. Vitalik Buterin, the founder of Ethereum said recently that the demand for using public blockchains is high and Ethereum is going to take an upward surge in the coming year. The price of Ethereum currently stands around $133 and according to technical analysis, the downtrend is not over yet. Some analysts believe that the end capitulation is right around the corner and Ethereum could be one of the best performers on the cryptocurrency market in the upcoming months. Ethereum is consistently adding new clients and it is also important to mention that Ethereum’s proof of concept is popular among institutional investors.

Technical analysis

Some estimates say that Ethereum could be worth more than $1000 by the end of 2019, in my opinion, this is still a too optimistic scenario but I can agree that ETH is currently at a point where it has the potential to make very big gains. Although the price can weaken even more the current price represents a very good entry level for the long term investors. The current resistance levels are $200, $300 and $400, $100 represents the current support level. It is very hard to predict where the price of ETH will go, but if the price jumps above $200 it would probably reach $250 in the short time period. If the price jumps above $400 we have an open way to $500. If the price drops below $100 support that would be a strong “SELL” signal.

Recommendation: If you’re looking to invest in Ethereum, you would be able to make good returns according to the price predictions in the next several years. I would recommend everybody to be careful and to invest a small sum of money in Ethereum, the best time period for me is between 3-5 years, hold and wait. According to the technical analysis, if the price jumps above $200 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $190 and take profit at $250 or above.

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