Ethereum Price & Technical Analysis: ETH to Consolidate

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

• Vitalik Buterin says Bitcoin SV is a scam
• Ethereum focuses on security

On W1, the Ether is continuing its correction, which reached 23.60% Fibo. While the Stochastic lines are headed up, the correction rise is likely to continue after a short pullback, with the targets at 38.2o%, or $367, and 50%, or $456.

On D1, the resistance was broken out and the uptrend ended; the price pulled back to the resistance which now became support. With the MACD headed up, the price is likely to bounce off the support and reach the resistance at $322. The support, however, may also get broken out, in which case the price will be sent to the primary support at $185.

On H4, a triangle has been formed. The Stochastic is up, and the price is reaching the short term descending channel resistance, which means the ETH is likely to rise after a breakout. Conversely, the triangle may get broken out top down, which will fix the price below the support at $237.

Vitalik Buterin, Ethereum creator, said Bitcoin SV was a con, as it is designed for a few people to get msximum profit. The people behind the fork did not ever want to make it an easy financial tool, he adds, their only goal being to earn money on investors.

Buterin does not like Binance either, saying it is very slow at processing transactions, which is not good for the users’ interests. Besides, Binance’s fee is slightly higher than other exchanges’, and the listing is too expensive. Finally, Buterin says it is too much centralized, which is very bad for the crypto sector development.

Ethereum, meanwhile, is focused on security. In late May, Buterin spoke on a transaction mixing system that could boost the security drastically. This could be a good tool, and while the fee may increase, Buterin thinks it is well justified.

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