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Currently, Ethereum (ETH) is not stable at one hundred and seventy dollars ($168); as a result, the dealers are designing policies to achieve maximum earnings from these price variations.
Upon comparing the cost and RSI graphs, one can deduce an uptrend at Ethereum. But there are multiple events that impact the price of ETH.
According to the media reports and current USDT/USD exchange rate (i.e., 1.05), it can be inferred that the present cost of ETH is not one hundred and sixty-nine dollars ($169) but one hundred and sixty-nine dollars per 1.05 dollars.
BFCMInvest- an analysis firm considers that Bitfinex and Tether will resolve the matter and the USDT/USD rates will retort to one dollar. However, it is also expected to rise up to 1.07 or even 1.08 dollars. Hence, the cost of ETH on Bitfinex is expected to rise three percent (3%) due to the cost of Tether.
Upon analyzing the price graph, we observe potential support coming from the initial days of March, and a dynamic resistance valid since April showing an expected breakout in one direction.
Technically, one can bet on the upper break; however, from the fundamental analysis perspective, it is probable to break on the downwards.
Previously, dealers casted-off stop loss resulting in increasing the volume of investment by x2. A fake breakdown was experienced; however, a new top will be rationalized.
Ethereum ETH price chart created with Trading View
ETH is expected to reach the level of one hundred and ninety dollars ($190) by May. ETH/USD is challenging the initial resistance at one hundred and seventy-two dollars ($172.99) where we might observe an equivalent dive in price to our chief support level at one hundred and fifty-eight dollars ($158.53) mark.
Stochastic is also impending resistance where a corresponding drop in price might be observed. Dealing CFDs on margin is highly chancy; hence do not enter this kind of trade.
However, two options might come handy, i.e., a bear flag or a double bottom. In case of double bottom, movement in the small bull flag must be observed. Hence it should stay close compared to the neckline of the W bottom for a few hours. If that occurs, a break upwards is probable to occur.
On the other hand, the market is uncertain and grey. As per the bullish pace, dealers must play safe and wait to observe the small bull flag play out.
And the chances may rise from 50/50 to 80/90%. In the case of bear dominance, it’s hard, because once it starts dropping it will continue.
The users find the bulls better but only if BTC can keep present levels. The forecast will be stress-free if Finex issue is eliminated from the market. Currently, Tether is on the go again, which is a positive trend.
