Ethereum (ETH) will not ignite for a number of weeks a course rocket, and it has been for a long time. Since the beginning of the year, the Ethereum rate surged by 116% and is now on the journey in the direction of the US $ 300. In the context of this massive rally ETH broke important Resistance Levels, which had shown the Ethereum course now for 2 years and its borders.
ETH marches are therefore unavoidable in the direction of the $ 300? And how it actually looks with the Fundamentals of Ethereum? Fit this to the strong price movements or ETH only looks at the Charts for good? – These questions we devote ourselves in this article.
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Ethereum is important Resistance behind
The Altcoin-Season is now officially underway. The majority of the Altcoins regardless of whether ETH, XRP, BCH, Cardano, Binance Coin, XTZ or LINK could outperform this year, Bitcoin is solid. And so also is the second-largest crypto currency by market capitalization, ETH was able to grow, since the beginning of the year from 130 USD to the current level of 282 dollars. A percentage increase of 116 per cent within 6 weeks!
On the way to the 282 dollars of the Ethereum course had to leave some important resistance level behind. Particularly important is the brand, the $ 200 was, in retrospect, probably. After these massive gains, the question is whether ETH can keep up its Momentum or whether it is only a short-term ‘Inflation’ of the Ethereum course now?
To this end, we take a brief look at the technical indicators and fundamental data of Ethereum. In terms of technical indicators, we look at the opinion of Jacob Canfield. Canfield is a well-known Trader, the CNBC and Forbes as a ‘Guest Analyst’ and is also one of the Top traders on trading view. In short: a man with Expertise.
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Ethereum course can outperform Bitcoin
From the technical perspective, Canfield takes a look at the trading pair of ETH/BTC. So Canfield should not be compared so the Ethereum price Performance in US dollars, but look at explicitly the ratio of ETH to BTC. Therefore, ETH is trading just for 0.0275 BTC. This increase is corresponded to considerably – especially in comparison to the beginning of the year – as ETH 0.018 BTC. What specifically can we do with these Figures, but now?
From a very high time frame perspective, #ethereum just broke a major resistance level that served as support for the last 2 years.
The .147 fibonacci level may be the first level of resistance for the $eth #btc pair around .036.
A retest of .024 could be a great place to long. pic.twitter.com/gKFYBuRO0d
— Jacob Canfield (@Jacob Canfield) February 14, 2020
As we can see from the Tweet by Jacob Canfield, refer to, could) of the Ethereum course, a greater Resistance to break (=green horizontal line in the Tweet. The Tweet marked in red line is, according to Canfiel the way to touch. The next Resistance would have to be at 0.036, and is therefore still a strong piece from the current value of 0.027 BTC.
Fundamentals confirm a strong impression
Important for a sustainable rate of growth, especially the fundamentals. Because even if some of the Coins chart from a technical perspective, like in the short term will be interesting, it needs a solid Foundation to grow sustainably and to pass. Therefore, we want to look at how it looks like in Ethereum in terms of the fundamentals.
Here we see that the number has increased active addresses over the past few weeks. An indicator for increased activity and increased interest. Also, the number of transactions on the Ethereum Blockchain itself, increased significantly. Thus, the fundamental values reach levels last seen a few months ago.
Inline with $ETH’s price rally, #Ethereum network usage is on the rise.
In the last 7 days:
Active addresses are up 26.7%
Transaction count is up 20.77%
Gas usage has hit highs not seen since September last year.https://t. co/7kr4dLf5ZL pic.twitter.com/DLFCuvBhWv
— glassnode (@glassnode) February 14, 2020
We can say that Ethereum has both from the perspective of the fundamentals, as well as the Charts bullishes and positive Momentum. The active addresses and transactions to take again. In Parallel, the Ethereum rate increases, both in dollars and as a BTC.
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Ethereum can convince in the last weeks – the Foundation of data as well. How do you see further opportunities for the ETH course?
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