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Buy Ethereum (ETH), Target $700. Ripple's Allegation among key factors.
Ethereum broke it's previous resistances at $615 and managed to sit there for a while, now ethereum is heading towards new 52w highs. From the EMA(100) and EMA(200) we can see a buy signal. Also, the $900 billion stimulus bill from the US Government will be distributed next week, we're very much optimistic about the current scenario of both the crypto markets as well as the global equity markets.
The cryptocurrency market will be bullish in the upcoming week, with the majority of the coins breaking their 52w highs and there is still a lot of steam left in the current rally. Also, from the retracement indicators on the 1-day chart of ETH/USDT, we can suggest that the markets are moving towards are bullish breakout.
The SEC's allegations over Ripple in the past few days has been a positive aspect for ethereum and bitcoin, but ethereum may enjoy the benefits to a greater extent. We can also recall the SEC's call on the nature of Bitcoin & Ethereum in 2017, now it's clear that SEC doesn't halt the progress and adoption of these 2 currencies which means that they can be bought or sold very much with confidence. Also, the fear factor of investors holding cryptocurrencies are being leveraged into the market by the institutions that poured billions of dollars into the market in the last couple of months.
Starting Jan 1, 2020, Binance, the world's largest cryptocurrency exchange by daily volume is also offering their version of ethereum "BETH" which is pegged to ETH in a 1:1 ratio. Also, the future of Ethereum in the PoS place is a key in the prediction as more people will lock their ethereum in the place of mining rather than in the open market. Hence there will be a demand in the market as the supply has been cut-off widely which in turn may be pressurizing the price factor in the market.
Comparing with bitcoin which broke its all-time highs in the past month, Ethereum is yet to do the same. Ethereum's all-time highs sit tall at $1334 where ethereum is still half the price of its all-time highs which can be an indication that the bull run for ethereum is no way near the end.
We're giving a clear BUY signal on ETH (Ethereum) for the coming new weeks. Investors can exercise caution with a stop loss of around $570 for longer-term returns with Ethereum.
Disclaimer : The article is the views of the article is not linked / promoted / paid by anyone . It is not an advice to invest in cryptocurrencies or any digital assets. Please check your personal financial advisor and legal advisor before dealing with such assets. Cryptocurrency investments are subjected to high market risks and are volatile.