The last few days have seen the price of ETH, the world's largest ALT coin, rise sharply. ETH is advancing past $ 580 for the first time since May 2018. Have you ever wondered what are the reasons for this?
- The most important reason for this is that the launch of ETH 2 is approaching, as we all know. The number of Eth stored at ETH 2's deposit agreement address reaches 524,288, Eth 2 will launch as soon as it arrives. Traders are watching eagerly for it. But this is not the only reason for the continued value addition of Eth crypto.
- It is a fact that daily gas consumption in Ethereum remains at an all-time high and plays a major role in the value addition of ETH. Everyone knows that the Eth gas fee is generally higher than the transaction fees of all other crypto blockchains, which helps to control user activities in some way. Gas fees are being affected by the growing number of decentralized finance and investment in Eth 2.
- Another important fact is that almost 2 years later (May 2018) the Eth has reached the $ 500 area which has given hope to the investors. This represents a strong comeback for the Eth and shows resistance above $ 620.
My observations for ETH trades...
Since Ether is close to overhead resistance at $ 625, the risk of pullback is high. Thus, traders holding long positions can further tighten their stops to protect their paper income.
The over-purchased readings on the RSI point to a potential pullback. The correction may also be sharp after a big rally. Therefore, if a correction begins, traders will wait until the price stabilizes at lower levels before buying again.
In the following articles on this blog, I would like to write about the basic principles that will be useful for crypto trading beginners as well.
I hope all my readers have been benefited from this small piece of knowledge. Kindly add your valuable suggestions to this article.
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