Ethereum technical analysis

What is Ethereum?

Ethereum is a decentralized platform that runs sensible contracts.
The project was bootstrapped via Ether pre-sale throughout August 2014 by fans all around the world. It’s developed by the Ethereum Foundation, a Swiss non-profit-making, with contributions from nice minds across the world.

Ethereum trading

Ethereum as a cryptocurrency ranks number 2 in the world after the Bitcoin.Ethereum trades on most of the cryptocurrency exchanges around the world. Few of the exchanges are Poloniex, Kraken, Bitfinex, GDAX, EthexIndia etc.

Poloniex exchange keeps the biggest share of the ether market. The full variety of enactment and digital currencies listed by this exchange exceeds one hundred.

I have personally bought Ether from EthexIndia.com exchange as they offer ETH/INR order book. We can trade in INR and see prices in INR.

Ethereum technical analysis

I was introduced to Ethereum by a friend in April. I only knew about Bitcoin. He asked me to do Ethereum technical analysis. I dived into the charts when Ether was around 50$ (3200 INR). Bitcoin was trading around 1100 $ (75000 INR) that moment of time. The Ethereum was in ascending triangle chart pattern and was about to give a breakout on the upside. We bought few Coins and average price came to 5400 INR ( 80$). Ether gave a sharp up move and within 50 days the return is over 500% and still running. The Bitcoin has doubled to 2500$, whereas in the same period Ethereum has become 5 times. This shows the demand for Ethereum has increased. Ethereum technical analysis really paid off.

ethereum breakout

 

Market share of Ethereum has risen to an all-time high of 32% following a burst of price rise to an all-time high of $420 that gave it a market cap of approx. $39 billion.

Ethereum comparison

Ethereum platform is likable by Bitcoin holders; they like Ether over BTC as a result of Bitcoin and miners aren’t ready to meet the ever increasing demand of Crypto-currency as BTC is in restricted quantities within the market.  That forced them to look out for alternates.

At the present moment, Ethereum is the probable alternate of Bitcoin because it contains a clear vision and roadmap.In the coming days, Ethereum can simply take over Bitcoin in terms of technical superiority and market capitalization.

Where will Ethereum prices go from here now?

Ethereum technical analysis suggests that it is under consolidation phase.  Ethereum will again break on the upside and surpass market cap of Bitcoin. Current market price is $358. My prediction says it will be over 500 $ till december 2017.

 

ethereum technical analysis

 

 

Bitcoin technical analysis suggests a period of stagnation.

Disclaimer: Trading in Crypto-Currencies can be risky as they are not regulated by the government. Please do your own research before buying. These are my personal views and it’s not a buy recommendation or advice.

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