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📈 Price Predictions
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ETH/USD Price Prediction — Are Bulls Switching from Bitcoin to Ethereum?

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  • Denys Serhiichuk
    📈 Price Predictions

    Ethereum is the only top coin in the green zone. Does it mean a buying opportunity?

ETH/USD Price Prediction — Are Bulls Switching from Bitcoin to Ethereum?
Cover image via 123rf.com

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.

ByBit

These days, Ethereum is the only coin showing steady growth among other top cryptocurrencies. However, that is not a surprise, as the community is expanding and becoming more powerful. There are a few reasons for such a rise.  

Since the Ethereum 2.0 test network has started, the price of ETH has risen by 50% against the US dollar. On May 7, at the time of launch, the price was about $170, while today ETH is trading around $260. Nevertheless, the current rates are still very far from the historical maximum of ETH, which was recorded in January 2018 at the level of $1,420 for one coin.

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What is more, the non-profit organization Ethereum Foundation, which promotes and supports the development of the Ethereum ecosystem, will allocate $30 million for the development of key projects.

Also the platform is about to start cooperating with big businesses, such as Microsoft.

The general opinion about Ethereum is starting to improve, and now it has reached a 5-month high.

CEO of Pukkamex Ahmad Sharkatly explains:

ETH/USD seems to have developed a nice motive structure in the form of a leading diagonal. However while the bulls remain firmly in control over longer timeframes they are running out of steam and a correction seems due.

Charts are saying its time to buy the dip.

A good entry zone lingers around the 50-618 retrace of the move up since the December lows with those being confluent with Hagopian support lines and horizontal structures.

Data records the ETH sentiment rating at 0.179. This is a huge increase, considering that in January this indicator was below 0.156.

Ethereum sentiments by Enroyd

If you look at the dynamics of Ethereum (ETH) from the end of February to May 20, you can see a combination of both positive and negative moods.

Now, let’s look at Ethereum movements from the technical perspective.

ETH/USD chart by TradingView

Our prediction for today has already come true, as the price rolled back to the $253 mark. While the asset is located above $250, ETH tendencies are bullish. Moreover, the RSI indicator is about to touch the bottom, meaning the coin is almost oversold.

In this regard, the nearest scenario is reaching $265 till May 25.

The price of ETH is trading at $253.35 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 make 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.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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  • Alex Dovbnya
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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

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.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

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As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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