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Ethereum (ETH) Price to Hit $190 After Double Bottom on Weekly RSI: Crypto Forecasts Selection

source-logo  u.today 11 December 2019 20:50, UTC

The second biggest crypto currency Ethereum has been mostly bearish recently apart from a couple of short bullish reversals. The Istanbul hard fork implemented into the network on December 8 makes the community hope that Ethereum will soon recover its positions both as blockchain and cryptocurrency.

Despite the fact that Ethereum’s rival Tron is doing much better at the moment and is expanding all the time, the TRX price is not showing any bullish signs. ETH remains on the second place in top ten no matter what, though.

Some crypto analysts believe that the ETH price is likely to turn bullish soon. 

ETH price to cross $190

The analyst and trader @IamCryptoWolf writes that presently ETH is trading below the WMA50 (the same situation happened in late 2016, he points out). In order for the price to reverse and turn bullish, it needs to reach a double bottom on the weekly RSI. Then, the expert says, a bullish candle will let ETH surge above $190.

‘Bullish AF’

Another trader who goes under the name @cryptodude999 on Twitter, has put his thoughts on the short-term ETH price laconically.

$ETH Damn. Bullish AF. pic.twitter.com/wlXbY9UmMc

— CryptoDude (@cryptodude999) December 11, 2019

Ethereum's future looks bright

In today's article on Medium, the team of the OKEx exchange has summarized the situation Ethereum has been this year. The authors point out that the second largest platform has been underperforming Bitcoin.

However, with the appearance of DeFi (decentralized finance products) the market expectations regarding Ethereum have changed for the better and it may start competing with Bitcoin as a store of value.

The article says:

“DeFi could also pave the way for Ethereum to strengthen its store of value character. We expect this shift to become more evident in 2020, alongside the rapid expansion of the DeFi markets.”

The authors also believe that the rising enterprise interest in DeFi, especially in the banking sphere, could also be positive for Ethereum in the future.

u.today