Ethereum Price Prediction — $30 Bln Market Cap Is Reached. Can We Expect New Levels in 2019?

Price Predictions
Fri, 05/31/2019 - 02:00
Denys Serhiichuk
➡☑Ethereum is getting closer to the psychological $300 mark. When can bulls push the price to that level?💪 🐂
Cover image via www.123rf.com

Ethereum is not going to give the leading position to another altcoin; its rate keeps rising and the market capitalization has already surpassed $30 Bln.

ETH chart by CoinMarketCap

There can be two reasons for today's growth - the general market rise and the announcement by Tether of the increase in USDT emissions on the Ethereum blockchain.

The stablecoin giant transferred $25 Mln USDT from its storage to the Bitfinex address, and after 4 minutes they were sent back. This operation was necessary to convert USDT, released using the Omni protocol, to USDT on the Ethereum blockchain.

The technical chart looks the following way.

ETH/USD chart by TradingView

Starting from the daily chart, we can see that the ETH impulse is still strong, this upward trend continues for more than 150 days. Together with the RSI, directed above 70, it shows s that ETH has a bullish movement ahead and our previous scenario remains relevant.

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 The first goal appears to be around $310, which is $30 above the current price. We also have resistance at $370, which was brief support in April 2018. If ETH manages to break through the $370 level, then we can expect to reach the price of $484 in the long-term.

ETH/USD chart by TradingView

Analyzing the 3-hour chart, one can consider the first impulse wave. By placing the Fibonacci retracement, it can be noticed that ETH was able to roll back by 38%, which is an excellent bullish momentum.

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Ethereum is looking quite good now, as it is preparing for the next pump, and has already surpassed the $282 mark. Now the nearest aim is $300, which is about to be reached till June 10.

The price of ETH is trading at $284.15 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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