Daily Price Analysis: Ethereum May Increase Soon

ethereum ecosystem

For two days in a row, the value of Ethereum has been increasing, but it has not been able to fully recover from its failure earlier this week. On Thursday afternoon, the trading value of Ethereum was $762, which is a 1.4 percent increase says the Chief Analyst at RoboForex – Dmitriy Gurkovskiy. Previously, the value of Ethereum managed to cross the $705 support line and then increased by $55.

The Trend of the Digital Currency

The digital currency also managed to break out of the bear momentum trendline at $735, which led to a continuous upsurge in its price. Later on, Ethereum went over the 100 SMA and got to the $758 mark, close to its current trading value. The bulls are active while the value of Ethereum is above $757.

Provided the value remains there on the next trading day, the cryptocurrency is going to experience further increase to get to the intermediate resistance level of $770, which will help it get close to the all-time high in May at $838.

The Present Major Support Lines for Ethereum

$745.00 and $725.00 are presently the major support lines for Ethereum, while the major resistance level is at $770.00. Moving along the trendline, the Moving Average Convergence Divergence is still on positive D1, hence giving a moderate purchase signal.

Basically, trends about the regulations in the crypto market are on focus, including the trends about the regulatory of Ethereum. The U.S SEC are meeting very soon to discuss whether Ethereum is an asset or a security.

The process of regulation will then be determined based on the decision of the Security and Exchange Commission. Other digital currencies are also in the same situation, but not only under the watch of the Security and Exchange Commission, but also the Commodity Futures Trading Commission (CFTC)

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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