Ethereum had recorded over 200% Gain against USD in the first half of the year, Rallied from 113$ to 363$. After reaching High at 363$, ETHUSD Price started shrinking and currently trading around 180$. The current yearly gain stands around 56%. On Higher time frame charts, ETHEREUM is still facing downtrend, but there is a strong possibility that trend could reverse soon. We are expecting ETHUSD to reach above 280$ by the month of November.
Check out my last prediction about ETH price: We provided 350$ Price target when ETHUSD was trading below 170$, ETH hit 350$ successfully two months later.
Catalyst for Growth
ETHEREUM is going through biggest technological transition of blockchain history. After successful implementation of Constantinople Hardfrok on the network in February, Ethereum foundation is now preparing for their second Hardfork update – Instanbul. Instanbul Hardfork is scheduled to be activated on testnet by early October, and on main-net by later October or early November. Harforks are always been worked as strong growth catalysts for Altcoins and Etherum is not an exception. ETHUSD rallied from 81$ to 160$ before last hard fork update – Constantinople, recorded around 97% Gain. We can expect a similar run from ETHUSD in next two months.
- Price is trading inside a falling wedge on the daily chart.
- Trading below 50,100 and 200MA.
- MACD is Bearish at this moment.
- Support levels: 150$,165$ and 174$
- Resistance Levels: 190$,222$,255$
- Weekly is currently downtrend, but sellers started looking exhausted for the last two weeks.
- MACD is looking bearish at this moment.
- Stoch RSI is giving an early sign of trend reversal.
- Weekly is trading below 7, 21 MA and testing 50 MA.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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