Ethereum Price Analysis: June 8 - 13
The weekly price analysis for Ethereum and Ethereum Classic.
Ethereum price has been reaching new heights. Singapore news could be the trigger. The central bank of Singapore, MAS, has decided to implement Blockchain to tokenize the national currency.
Minimal growth targets are reached
As expected, the pullback from $200 to $140 became a possibility for growth over $250. Given the fact it was a long term correction, the growth was correspondent, more than 200 percent from the $140 correction peak. You could see big sells and the tendency break at the current uptrend peak. That is why it is possible to state the $140 wave might be over.
Further growth basis
New Metropolis version testing is now well under way.
Help Wanted: Metropolis QA/Testing. Exciting opportunity to support the Ethereum ecosystem! https://t.co/bV9GikK9aR— Ethereum (@ethereumproject) June 2, 2017
The current growth may be partially connected to the fact that this version can increase the demand. It’s worth mentioning that the demand is higher at $400 than it was at the previous $270 peak. All of this indicates that Ethereum is still considered to be a good investment move. Provided this interest continues, the $1000 mark for Ethereum is quite probable by the end of August. As for the current trend key level, the $300 point is the most likely correction peak for the upward trend. If the trend moves to this area and the demand stays the same, there will be a new growth wave.
The trend break
If the trend goes down to $300, the growth is quite unlikely. The price can even go down to the starting point in the $250 area.
Ethereum Classic uptrend continued after the long flat. But it didn’t last long. Having reached the upward peak, the demand sharply increased and that was a great opportunity for big sells. Major traders used this opportunity and the price dropped to $15.
Currently, no clear trend can be seen. But this also means that a new trend will follow from the current levels. $16.5 is the key point for further trend development. This level is important for the majority of buyers. That is why if the price comes back to this area and there is no downward reversal, growth is quite likely. Otherwise, a new fall to the next resistance point in the $10 area is inevitable
What to expect
In case there’s an Ethereum price correction to the $300 area and no reversal, the chances are that the growth will continue.
Ethereum Classic upward trend will go on if there is no downward reversal at the $16.5 point.