The four-hour RSI and MACD indicate that a sell-off to the $971 region may be on the cards in the coming days, although Ethereum’s upcoming trajectory depends on whether Bitcoin can surge back to test its $35,000 all-time high.
If Ethereum can recover and form a new yearly high above $1,175, it would create a scenario in which a new all-time high would be achievable before the end of the month.
The Chicago Mercantile Exchange will list Ethereum futures on February 8, which is expected to drive liquidity as well as exposure to institutional investors and traders.
However, it’s worth noting that while institutional inflow into cryptocurrency is seemingly higher than it’s ever been, the Ethereum network is struggling with demand with transaction prices skyrocketing to up to $50 per transaction.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
More Ethereum news and information
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: This is not financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.