Huobi x CoinMarketCal A Coin To Keep An Eye On- ETH!

This article was first published on Huobi Group - Medium
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🔹What is ETH?

Ethereum is a decentralized, open-source blockchain featuring smart contract functionality. Ether is the native cryptocurrency of the platform. It is the second-largest cryptocurrency by market capitalization, after Bitcoin. Ethereum is the most actively used blockchain. Source

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📅Event:14 Apr 2021 Berlin Hard Fork >”Ethereum developers have scheduled the Berlin hard fork for April 14 at block height 12,244,000". This will be another step in the switch to proof of stake to help increase transactions per second.

📈Analysis:

Since the beginning of March, ETH has climbed 70% — a relatively small amount compared to many other altcoins. However, the price continues to creep to new all-time highs, suggesting that the consolidation period may be near its end.

Aggressive bulls could look for entries in new possible support between $2,125.24 and $2,039.29. A dip below this area might also find support near $1,983.56. However, a daily close near $1,9800 brings bullish strength into question.

A sudden drop in the market is likely to test possible support beginning near $1,810. This retracement would create extensions suggesting $3,030–3,050 as a potential target for bulls.

Currently, extensions indicate a reasonable take-profit zone near $2,575 to $2,800, with $2,775 having the most confluence. If bulls can maintain strength, confluent extensions point to $3,225-$3,300 as a reasonable next target.

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