0
📈 Price Predictions
150 views

BitMEX CEO Bullish on Ethereum. Here’s Why

  • Thomas Hughes
    📈 Price Predictions

    Arthur Hayes, the CEO and Founder of crypto exchange BitMEX, has recently stated that Ether could reach $200 soon


BitMEX CEO Bullish on Ethereum. Here’s Why

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Arthur Hayes, the CEO and Founder of crypto exchange BitMEX, has recently stated that Ether could reach $200 soon, under one condition: if the ICO market picks up and new projects start coming in.

As for the timeframe for this prediction to come true, Arthur Hayes had this to say (translated): “Once there are new issues, then Ether will rebound aggressively. When the ICO market returns, Ether will quickly test $200. The timing of the ICO rebirth is 12 to 18 months out”. Considering that ETH recently hit $163 on Bitfinex, I think it’s safe to say it will breach $200 sooner than in 12 to 18 months, unless something goes terribly wrong with the crypto market.

Chart Analysis – ETH/USD

image

Currently trading at 128 against the US dollar, ETH is completing a much-needed retracement and has been trading sideways for almost 2 days, most likely due to Christmas. It is still up more than 17% for the last 7 days but down 2.66% in the last 24 hours at the time of writing and according to CoinMarketCap.The pair is likely to find support at the 200-period EMA on a 4-hour chart but also 127 is now acting as good support, so we may get a push higher from here. Keep in mind that the Winter Holidays usually generate irregular volatility and sometimes unpredictable market movement, so make sure you limit your exposure and consequently, your risk.

Support zone: 127 (currently tested) and the 200 EMA (4-hour chart)

Resistance zone: round numbers (140, 150) and the high at 163

Most likely scenario: choppy markets, irregular price action

Alternative scenario: strong directional movement

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings