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Will ETH hit Paydirt After Its 2.0 upgrade?

Sep 16, 2019

The story of Ethereum 2.0 development proceeding ahead of schedule had a terrific effect on ETH rate growth. For the first time in a long while ETH is steadily going up, compared to other top 10 coins.

In response to the breaking news, the ETH/USDT rate hit the high of $195. The technical indicators RSI and MACD support the buyers’ readiness to continue the up trend, although the 4H time period shows that MACD and RSI signal the downward local movement. 

From the 1D price graph we can see that the downwards-sliding MACD averages are just only starting to approach 0, which indicates the beginning of an upwards vector, and RSI exhibits the ascending trend.

These conclusions are confirmed by the breach of the upper boundary of the bullish pennant, which means that the buyers are inclined to renew the ascending push towards $230. The first target is the technical level of $203. The bullish scenario remains the most likely until ETH return to under the $175 mark; if it does, opening short positions will be advisable.

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