ETH was at the forefront of the DeFi movement. The growth of the DeFi ecosystem is despite the current flaws of the Ethereum network embodied in the lack of the required scalability and heightened transaction fees. Yet, ETH has been growing due to its various new use cases and partnerships. Performance in the Past Week The opening price of ETH on February 11, 2021, was $1743.71. As of February 17, 2021, the closing price of ETH was $1849.88. Thus, the ETH price has surged by approximately 6% in the past week. In the last 24 hours, ETH is trading between $1733.01-$1919.22. Recently, Coinbase announced that it will offer a staking facility on ETH. Investors can now earn interest up to 7.5% on their ETH holdings. This news may positively impact the ETH market. https://ift.tt/3s4mbqh Keep Tracking ETH for Gains Presently, ETH is trading at $1883.58. The price has increased from the opening price of $1849.70. Hence, the market looks bullish. Currently, the RSI indicator is at 39%. It may soon go below the 30% mark into the ‘oversold’ territory. Selling pressures are high and hence we can expect a temporary price pullback. It is a good time for swing traders to go long. The Stochastic oscillator has already gone into the ‘oversold’ territory. The actual value line is frequently crossing above the 3-day SMA line since morning implying a bullish market momentum. The stochastic oscillator will start rallying soon. Hence, we can expect the price to go up. The A/D and OBV indicators are upward sloping. The market looks healthy with accumulations much higher than distributions. As buying volumes are high, we can expect the price to rise further. The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line indicates a trend reversal. Price corrections are occurring. So, we can expect an intermittent price pullback. The AO indicator is negative. The ‘sell’ signals are becoming stronger. Thus, the AO indicator is also implying a trend reversal. The price will dip before resuming its upward journey. The ADX indicator is volatile. It has started falling again indicating that the bullish momentum has weakened. So, a price pullback looks imminent. As most of the oscillators have pointed towards price adjustments in the market, we can expect the ETH price to test the 23.6% FIB retracement level of $1875.27, before rallying again. If selling pressures are strong then it may test the 38.% FIB retracement level of $1848.09. However, the price fall is not steep, so it may not fall to this level. Currently, the price is well above the Fibonacci pivot point of $1834.04. The price is closer to the lower Bollinger band indicating heavy offloading by whales. Thus, the price will drop for some time. By the end of the day, if ETH price breaks out of the first and second Fibonacci pivot resistance levels of $1905.17 and $1949.11, respectively, then the bull-run will continue tomorrow as well.
The post ETH to Continue Growth, Trading Between $1733.01 and $1919.22 appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
