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Not All is Lost for ETH

Oct 18, 2019

As of right now, there is no particularly important news that would facilitate any significant strengthening of ETH/USDT pair position. Nevertheless, overall there are some positive developments. Ethereum Name Service [ENS], a blockchain naming service, which in the past has only been available for Ethereum addresses, announced the launch of its new multi-coin feature that already has a partnership with 15 new wallets. It must be said, though, that despite this announcement the demand for ETH remains fairly weak – but then this weakening trend seems to now affect the entire cryptocurrency market. 

Looking at the daily graph, we can see that Max 1 is above Max 2, while the high of 1A on the MACD indicator is located below the high of 2B. This points towards a change in the mid-term market sentiment. A similar situation can be observed with the lows: the price low 3 is higher than the price low 4, and the low of 3A on the MACD indicator is located above the low of 4B. This confirms the weakening of the sellers and makes it more likely that the current trend will be reversed and the rates will start moving upwards. 

Taking all of these factors into account there is every chance that the coin will start growing to $200 and on to $223. 

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