- ETH/USD sits at $224, which is the lower line of the recent range for the coin.
- Experts forecast Ethereum’s growth bu the year end.
Ethereum, the second largest coin by market value, struggles to gain momentum to break free from a range limited by $230 on the upside and $224 on the downside. The coin is 1.7% lower on a day-on-day basis, following the global trend: all major coins are in red this morning. Ethereum’s current market value is $23.1B, while the average daily trading volume is registered at $1.4B, in line with long-term average figures.
What’s going on
Experts surveyed by Finder.com, expect that the second largest coin will develop positive momentum later during this year. The average price forecast for December is set at $379, which is 79% higher from the current price.
“This is one of the best positioned of all the cryptocurrencies on the market. Nearly every large organisation is using it to test their own POCs. They have more developers than any other organisation. Still think this is one of the best long-term plays of all,” Joseph Raczynski explains. He is very optimistic about ETH predicting $1,200 for the end of 2019.
Ethereum’s technical picture
ETH/USD bears pushed the price below $224 handle during early Asian hours, but the momentum faded away as traders bought the dip. While the price returned to the recent range, we need to see a sustainable movement above $226 handle to mitigate the short-term bearish risks. This local resistance area is created by a broken upside trendline (1-hour chart). Once in is cleared, the recovery may be extended towards the upper line of the channel $230.
On the downside, the support lies with the Asian low of $222, followed by psychological $200.
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?