Ethereum: still at the second spot?
Ehtereum is usually considered as the second cryptocurrency in the world, only behind Bitcoin. However, can it maintain that position? Or is it set to overtake BTC position?
Another day, another analysis. Last time, we checked out what happens with FuturoCoin. Today, we present an analysis of Ethereum (ETH).
Testing in April
At the beginning of April, the Ethereum market tested the support zone area i.e. 0.030570 that has been quite strongly defined since September 2018. For a long time now, ETHBC has entered a rather tiresome lateral system. However, this may change soon. On the daily chart, the consolidation has the shape of a triangle that is almost filled in. The next few days may therefore bring a solution in this respect.
In December 2018, the rate of exchange of ETHBTC tested support at the level of 0.024380. This is the lowest value that has been defended since December 2017.
After defending the mentioned above support in December (0.024380) there was a strong rise to the level of 0.041750. However, this value was an exceeded resistance for nearly 3 months.
What will happen next?
The most likely scenario is the consolidation, still in progress for some time, within the limits of the triangle. However, the next few days should activate the buyer or seller. Market stagnation is a common factor leading to sudden changes.
The lower arm of the triangle is almost completely filled and thus the rate of exchange tests the area of the designated support. It is possible to fluctuate around 0.030570-0.029800. If there were to be a strong breakthrough in this support, it’s possible to fall back to 0.027000.
Nothing prevents the trend from reaching the upper arm of the triangle e.i. 0.037400 and looking for the paths for upward trend here.
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