CryptoAMD, an avid cryptocurrency trader and former business consultant has recently tweeted about the possibility of Ethereum hitting $50.
Ethereum has a better chance of hitting $50 than $1000 in 2020. $eth #Releasethetrolls
— cryptoamd (@cryptoamd) October 10, 2019
In his tweet, he states that Ethereum has a better chance of hitting $50 than $1000 but didn’t explain why. The tweet also included the hashtag #Releasethetrolls.
Some Twitter users asked him what made him arrive to this conclusion and he responded with:
TA done on ethusd and ethbtc and the General market
— cryptoamd (@cryptoamd) October 10, 2019
Certainly a vague answer. Technical analysis for Ethereum would actually indicate a strong bullish momentum in the short term as the daily chart has formed a nice uptrend after the recent market crash.
Ethereum is currently trading at $183 and it’s looking for another leg up as the EMAs are looking for a bullish cross within the next few days.
The longer-term does look a bit worse for Ethereum. For instance, the weekly chart is in a downtrend since June of this year, however, the recent lower low had no continuation which means a lack of strength for the bears.
Similarly, the monthly chart would indicate that Ethereum is in a downtrend. The chart certainly looks far worse than Bitcoin’s monthly chart. The bulls, however, have been able to set a higher low compared to $80.60 so there is still a chance for them to shift the momentum and perhaps even set a higher high eventually.
Overall, the technical indicators are showing a ‘strong sell’ on the longer timeframes, however, the volatility of the market is simply too high for the longer-term indicators to be accurate.
There is some good news for Ethereum on the long-term, Vitalik, the co-founder of Ethereum recently talked about the PoS swap and how it will make Ethereum more scalable and secure in the near future.
Will these new updates help Ethereum in the future?
