- Ethereum (ETH) up 21.7 percent
- The platform is way ahead of competitors and could replace Bitcoin as a store of value
Mike Novogratz, an experience institutional investor, is positive on Ethereum (ETH) saying that the platform is “way ahead.” His comments mirrored our previous assertion and reflected on the level of on-chain development gauged from the number of monthly active developers. In a bullish breakout pattern, it is likely prices will expand towards $200 and $250 in days ahead.
Ethereum Price Analysis
Fundamentals
In the race to superiority, Ethereum is ahead of competitors. Not in terms of price—it has been one of the poorest performing digital asset before Apr-May upswings, nor scalability or speed, but in on-chain development and preference by government agencies.
Thanks to the network’s smart contracting capabilities and specific improvement through the last Constantinople hard fork, traders are expecting a freeze before Serenity. The EIP 1234 and reduction of rewards are all part of the strategy and with Ethereum 2.0 on course and likely to launch without delays if Vitalik Buterin’s word is correct, then Ethereum will no doubt be a to-go platform that developers prefer to build on because of its level of decentralization.
Apart from that, Mike Novogratz’s, a Bitcoin proponent, the endorsement is a big plus. During the Ethereal Summit, the founder of Galaxy Digital Group said Ethereum (ETH) should eclipse Bitcoin’s stature as a store of value asset simply because of the rate of development within the platform.
Add that to recent partnerships as Microsoft, and JP Morgan plans of integrating Quorum to Azure Blockchain Service, rumors of Samsung launching from Ethereum and possibility of an Ethereum derivative that the CFTC is warming up to the idea, the future looks bright for Ethereum (ETH) investors.
Candlestick Arrangement
From price action, buyers are in control. Ethereum (ETH) like the rest is up 21.7 percent from last week’s close but pretty stable on the previous day. It is up 8.7 percent, trading above $190, our ETH/USD trade conditions are right.
For bulls to be in control, we reiterated that ETH prices must clear Apr-2019 highs. As a result, at spot rates, every low is technically another buying opportunity as price action replicate Bitcoin’s. At this rate, traders should be loading on dips with first modest target at $250. That stance will hold more weight if today’s close is above $200.
Technical Indicators
In the daily chart, there is a clear bull breakout pattern. As a result, traders ought to fine-tune entries buying on dips with targets as above. However, for trend continuation, prices should expand above $200. Nonetheless, maintaining that momentum should be high volumes exceeding averages of 187k and May-11’s 458k.
Chart courtesy of Trading View